Form N-CSRS - Certified Shareholder Report, Semi-Annual
26 Novembre 2024 - 2:30PM
Edgar (US Regulatory)
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N-CSRS
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2024-09-30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22801
Franklin ETF Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Alison Baur
One Franklin Parkway
San Mateo, CA 94403-1096
(Name and address of agent for service)
Registrant’s telephone number, including area
code: 650-312-2000
Date of fiscal year end: March 31
Date of reporting period: September 30, 2024
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ITEM 1. |
REPORT TO STOCKHOLDERS. |
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a) |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1). |
|
b) |
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under
the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. |
Not applicable.
The Semi-Annual Report to Stockholders is filed
herewith.
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|
Franklin Short Duration U.S. Government ETF
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|
FTSD | NYSE Arca, Inc.NYSE
|
Semi-Annual Shareholder Report | September 30, 2024
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|
This semi-annual shareholder report contains important information about Franklin Short Duration U.S. Government ETF for the period April 1, 2024, to September 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
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Fund Name
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Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
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Franklin Short Duration U.S. Government ETF
|
$12
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%
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* |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
|
|
Total Net Assets
|
$157,365,903
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Total Number of Portfolio Holdings*
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|
Portfolio Turnover Rate
|
52%
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* |
Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
Portfolio Composition* (% of Total Investments)
* |
Does not include derivatives, except purchased options, if any. |
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|
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
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Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
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• prospectus • proxy voting information • financial information • holdings • tax information
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Franklin Short Duration U.S. Government ETF
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PAGE 1
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FTSD-STSR-1124 |
39.228.524.80.76.8
Not applicable.
|
ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
|
Item 4. |
Principal Accountant Fees and Services. |
Not applicable.
|
ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
|
ITEM 6. |
SCHEDULE OF INVESTMENTS. |
|
(a) |
Please see schedule of investments contained in the Financial Statements and Financial
Highlights included under Item 7 of this Form N-CSR. |
|
ITEM 7. |
FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Franklin Short Duration U.S. Government
ETF
Financial Statements and Other Important Information
Semi-Annual | September
30, 2024
Financial
Statements and Other Important Information — Semi-Annual
Schedule
of Investments (unaudited)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
Collateralized
Mortgage Obligations(a)
— 40.8% |
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
K043
A2 |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
K053
A2 |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF30
A (30 Day Average SOFR + 0.484%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF40
A (30 Day Average SOFR + 0.454%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF41
A (30 Day Average SOFR + 0.414%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF42
A (30 Day Average SOFR + 0.364%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF43
A (30 Day Average SOFR + 0.354%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF44
A (30 Day Average SOFR + 0.304%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF45
A (30 Day Average SOFR + 0.324%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF47
A (30 Day Average SOFR + 0.344%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF48
A (30 Day Average SOFR + 0.404%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF51
A (30 Day Average SOFR + 0.514%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF56
A (30 Day Average SOFR + 0.674%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF57
A (30 Day Average SOFR + 0.65448%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
Collateralized
Mortgage Obligations(a)
— continued |
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF58
A (30 Day Average SOFR + 0.614%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF59
A (30 Day Average SOFR + 0.654%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF60
A (30 Day Average SOFR + 0.604%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF61
A (30 Day Average SOFR + 0.644%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF62
A (30 Day Average SOFR + 0.594%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF63
A (30 Day Average SOFR + 0.554%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF64
A (30 Day Average SOFR + 0.554%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF65
A (30 Day Average SOFR + 0.634%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF67
A (30 Day Average SOFR + 0.634%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF68
A (30 Day Average SOFR + 0.604%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF70
A (30 Day Average SOFR + 0.634%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF72
A (30 Day Average SOFR + 0.614%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF75
AL (30 Day Average SOFR + 0.624%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF77
AL (30 Day Average SOFR + 0.814%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
Collateralized
Mortgage Obligations(a)
— continued |
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF78
AL (30 Day Average SOFR + 0.914%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF79
AL (30 Day Average SOFR + 0.584%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF80
AL (30 Day Average SOFR + 0.554%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF81
AL (30 Day Average SOFR + 0.474%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF82
AL (30 Day Average SOFR + 0.484%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF83
AL (30 Day Average SOFR + 0.474%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF84
AL (30 Day Average SOFR + 0.414%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF85
AL (30 Day Average SOFR + 0.414%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF86
AL (30 Day Average SOFR + 0.404%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF87
AL (30 Day Average SOFR + 0.464%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF88
AL (30 Day Average SOFR + 0.444%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF89
AL (30 Day Average SOFR + 0.434%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF94
AL (30 Day Average SOFR + 0.414%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF96
AL (30 Day Average SOFR + 0.374%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
Collateralized
Mortgage Obligations(a)
— continued |
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF98
AL (30 Day Average SOFR + 0.284%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF99
AS (30 Day Average SOFR + 0.200%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF129
AS (30 Day Average SOFR + 0.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF130
AS (30 Day Average SOFR + 0.290%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF132
AS (30 Day Average SOFR + 0.390%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF135
AS (30 Day Average SOFR + 0.370%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF137
AS (30 Day Average SOFR + 0.450%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF138
AS (30 Day Average SOFR + 0.480%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF139
AS (30 Day Average SOFR + 0.540%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF160
AS (30 Day Average SOFR + 0.700%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
KF163
AS (30 Day Average SOFR + 0.580%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
Multifamily
Structured Pass-Through Certificates,
K-F112
AS (30 Day Average SOFR + 0.230%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
REMIC,
3736 FN (30 Day Average SOFR + 0.564%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC)
REMIC,
4952 PD, PAC |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
Collateralized
Mortgage Obligations(a)
— continued |
Federal
Home Loan Mortgage Corp. (FHLMC)
REMIC,
5009 BH |
|
|
|
|
Federal
National Mortgage Association (FNMA)
ACES,
2020-M42 A1 |
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2011-96 FA (30 Day Average SOFR +
0.564%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2013-3 BQ, PAC |
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2016-62 FH (30 Day Average SOFR +
0.514%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2016-75 FC (30 Day Average SOFR +
0.514%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2017-20 JA, PAC |
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2018-70 HF (30 Day Average SOFR +
0.464%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2019-38 CF (30 Day Average SOFR +
0.56448%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
REMIC,
2019-47 FB (30 Day Average SOFR +
0.514%)
|
|
|
|
|
Government
National Mortgage Association
(GNMA),
2007-20 FM (1 mo. Term SOFR +
0.414%)
|
|
|
|
|
Government
National Mortgage Association
(GNMA),
2010-12 FD (1 mo. Term SOFR + 0.714%) |
|
|
|
|
Government
National Mortgage Association
(GNMA),
2011-80 FC (1 mo. Term SOFR + 0.444%) |
|
|
|
|
|
Total
Collateralized Mortgage Obligations (Cost — $65,386,516) |
|
U.S.
Government & Agency Obligations — 29.6% |
U.S.
Government Agencies — 1.1% |
Export-Import
Bank of the United States, Secured
Notes
|
|
|
|
|
United
States International Development Finance
Corp.
Senior Notes |
|
|
|
|
Total
U.S. Government Agencies |
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
U.S.
Government Obligations — 28.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S. Government Obligations |
|
|
Total
U.S. Government & Agency Obligations (Cost — $46,380,922) |
|
Mortgage-Backed
Securities — 25.8% |
|
Federal
Home Loan Mortgage Corp. (FHLMC) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.347%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.475%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.520%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.558%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.622%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.623%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.638%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.644%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.647%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.652%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.660%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.672%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.733%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.740%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.746%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.750%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.750%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.761%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.769%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.775%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.782%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.802%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.817%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.827%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.840%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.849%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.858%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.861%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.861%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.863%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.872%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.877%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.882%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.958%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
1.980%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
FTSE USD IBOR Consumer Cash Fallbacks +
2.029%)
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 1.695%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 1.975%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 1.975%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.219%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.225%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.225%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.225%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.238%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.238%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.245%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.245%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.248%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.250%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.251%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.251%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.252%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.266%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.268%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.314%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.341%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.357%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.360%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.368%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.375%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.409%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.500%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.794%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (1
year
Treasury Constant Maturity Rate + 2.835%) |
|
|
|
|
Federal
Home Loan Mortgage Corp. (FHLMC) (6
mo.
FTSE USD IBOR Consumer Cash Fallbacks +
2.336%)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA) |
|
|
|
|
Federal
National Mortgage Association (FNMA) |
|
|
|
|
Federal
National Mortgage Association (FNMA) |
|
|
|
|
Federal
National Mortgage Association (FNMA) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.775%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.334%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.344%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.358%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.365%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.434%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.445%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.450%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.515%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.540%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.543%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.565%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.568%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.595%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.606%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.611%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.617%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.620%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.624%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.625%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.631%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.638%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.643%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.643%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.644%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.650%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.651%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.656%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.663%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.665%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.666%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.676%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.690%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.691%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.701%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.703%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.704%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.707%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.714%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.718%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.720%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.722%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.729%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.730%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.742%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.750%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.750%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.750%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.765%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.770%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.796%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.810%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.811%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.820%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.833%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.838%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.844%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.860%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.870%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
1.934%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year FTSE USD IBOR Consumer Cash Fallbacks
+
2.377%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
1.884%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
1.999%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.002%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.046%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.073%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.075%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.089%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.135%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.155%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.162%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.162%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.170%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.182%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.185%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.186%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.187%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.192%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.193%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.194%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.204%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.210%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.215%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.219%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.223%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.223%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.230%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.230%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.241%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.243%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.249%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.261%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.273%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.282%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.283%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.290%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.293%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.303%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.321%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.331%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.484%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.486%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
2.515%)
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(1
year Treasury Constant Maturity Rate +
3.088%)
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
0.845%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
0.926%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.169%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.355%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.373%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.375%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.412%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.430%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.490%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.494%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.496%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.498%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.508%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.510%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.518%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.550%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.550%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.550%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.550%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.565%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.565%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.570%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.570%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.600%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.680%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.745%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(6
mo. FTSE USD IBOR Consumer Cash Fallbacks
+
1.770%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Enterprise
11th District COFI Replacement Index
+
1.254%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Enterprise
11th District COFI Replacement Index
+
1.254%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Enterprise
11th District COFI Replacement Index
+
1.695%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.400%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.665%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.668%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.831%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.851%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.877%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.894%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.902%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.920%) |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.952%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 1.981%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 2.004%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 2.060%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 2.192%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 2.231%) |
|
|
|
|
Federal
National Mortgage Association (FNMA)
(Federal
Reserve U.S. 12 mo. Cumulative Avg 1
Year
CMT + 2.247%) |
|
|
|
|
|
|
|
Government
National Mortgage Association
(GNMA)
II |
|
|
|
|
|
Total
Mortgage-Backed Securities (Cost — $40,591,369) |
|
Corporate
Bonds & Notes — 0.7% |
|
Oil,
Gas & Consumable Fuels — 0.5% |
Petroleos
Mexicanos, Senior Notes |
|
|
|
|
Reliance
Industries Ltd., Senior Notes |
|
|
|
|
Reliance
Industries Ltd., Senior Notes |
|
|
|
|
|
|
|
|
Financial
Services — 0.2% |
KE
Export Leasing 2013-A LLC, Senior Notes (3
mo.
Term SOFR + 0.492%) |
|
|
|
|
MSN
41079 and 41084 Ltd., Senior Notes |
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Franklin
Short Duration U.S. Government ETF
(Percentages shown
based on Fund net assets)
|
|
|
|
|
|
|
Financial
Services — continued |
Ulani
MSN 37894, Senior Notes |
|
|
|
|
|
|
|
Total
Corporate Bonds & Notes (Cost — $1,087,527) |
|
Total
Investments before Short-Term Investments (Cost — $153,446,334) |
|
|
|
|
|
|
|
Short-Term
Investments — 7.1% |
Institutional
Fiduciary Trust, Money Market
Portfolio
(Cost — $11,154,650)
|
|
|
|
|
Total
Investments — 104.0% (Cost — $164,600,984) |
|
Liabilities
in Excess of Other Assets — (4.0)% |
|
Total
Net Assets — 100.0% |
|
|
Collateralized
mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through
certificates
that are structured to direct payments on underlying collateral to different series or classes of the
obligations.
The interest rate may change positively or inversely in relation to one or more interest rates, financial
indices
or other financial indicators and may be subject to an upper and/or lower limit. |
|
Variable
rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate
securities
are not based on a published reference rate and spread but are determined by the issuer or agent and
are
based on current market conditions. These securities do not indicate a reference rate and spread in their
description
above. |
|
This
security is traded on a to-be-announced (“TBA”) basis. At September 30, 2024, the Fund held TBA securities
with
a total cost of $9,592,706. |
|
The
rate shown is the annualized seven-day effective yield at period end. |
|
In
this instance, as defined in the Investment Company Act of 1940, an “Affiliated
Company”
represents Fund
ownership
of at least 5% of the outstanding voting securities of an issuer, or a company which is under common
ownership
or control with the Fund. At September 30, 2024, the total market value of investments in Affiliated
Companies
was $11,154,650 and the cost was $11,154,650 (Note
6). |
Abbreviation(s)
used in this schedule: |
|
|
Alternative
Credit Enhancement Securities |
|
|
Constant
Maturity Treasury |
|
|
|
|
|
Planned
Amortization Class |
|
|
Real
Estate Mortgage Investment Conduit |
|
|
Secured
Overnight Financing Rate |
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Schedule
of Investments (unaudited) (cont’d)
September 30, 2024
Franklin
Short Duration U.S. Government ETF
At September
30, 2024, the Fund had the following open futures contracts:
|
|
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
U.S.
Treasury 2-Year Notes |
|
|
|
|
|
U.S.
Treasury 5-Year Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury 10-Year Notes |
|
|
|
|
|
U.S.
Treasury Long-Term
Bonds
|
|
|
|
|
|
U.S.
Treasury Ultra 10-Year
Notes
|
|
|
|
|
|
|
|
|
|
|
|
Net
unrealized appreciation on open futures contracts |
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Statement
of Assets and Liabilities (unaudited)
September 30, 2024
|
|
Investments
in unaffiliated securities, at value (Cost — $153,446,334) |
|
Investments
in affiliated securities, at value (Cost — $11,154,650) |
|
Receivable
for Fund shares sold |
|
Interest
and dividends receivable |
|
Deposits
with brokers for open futures contracts |
|
Receivable
for securities sold
|
|
|
|
|
|
Payable
for securities purchased |
|
Payable
to brokers — net variation margin on open futures contracts |
|
Investment
management fee payable |
|
|
|
|
|
|
|
|
|
Total
distributable earnings (loss)
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Statement
of Operations (unaudited)
For the Six Months Ended September
30, 2024
|
|
|
|
Dividends
from affiliated investments |
|
|
|
|
|
Investment
management fee (Note
2) |
|
|
|
Less:
Fee waivers and/or expense reimbursements (Note
2) |
|
|
|
|
|
Realized
and Unrealized Gain (Loss) on Investments and Futures Contracts
(Notes 1, 3 and 4):
|
Net
Realized Gain (Loss) From: |
|
Investment
transactions in unaffiliated securities |
|
|
|
|
|
Change
in Net Unrealized Appreciation (Depreciation) From: |
|
Investments
in unaffiliated securities |
|
|
|
Change
in Net Unrealized Appreciation (Depreciation)
|
|
Net
Gain on Investments and Futures Contracts
|
|
Increase
in Net Assets From Operations |
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Statements
of Changes in Net Assets
For
the Six Months Ended September 30, 2024 (unaudited)
and
the Year Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
Change
in net unrealized appreciation (depreciation)
|
|
|
Increase
in Net Assets From Operations |
|
|
Distributions
to Shareholders From (Note
1) :
|
|
|
Total
distributable earnings |
|
|
Decrease
in Net Assets From Distributions to Shareholders |
|
|
Fund
Share Transactions (Note
5): |
|
|
Net proceeds from sale of shares (100,000 and 125,000 shares issued,
respectively)
|
|
|
Cost of shares repurchased (25,000 and 725,000 shares repurchased, respectively)
|
|
|
Increase
(Decrease) in Net Assets From Fund Share
Transactions
|
|
|
Increase
(Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
For
a share of beneficial interest outstanding throughout each year ended March 31,
unless
otherwise noted: |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
Income
(loss) from operations: |
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
|
|
|
Total
income (loss) from operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
Total
return, based on NAV3
|
|
|
|
|
|
|
Net
assets, end of period (millions)
|
|
|
|
|
|
|
Ratios
to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
share amounts have been calculated using the average shares method. |
|
For
the six months ended September 30, 2024 (unaudited). |
|
Performance
figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or
expense
reimbursements, the total return would have been lower. The total return calculation assumes that
distributions
are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of
less
than one year are not annualized. |
|
|
|
Reflects
fee waivers and/or expense reimbursements. |
|
Including
mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio
turnover
rates for the respective years presented would have been 85%, 108%, 84%, 190% and 105%. |
See
Notes to Financial Statements.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Notes
to Financial Statements (unaudited)
1. Organization
and significant accounting policies
Franklin Short Duration U.S. Government
ETF (the “Fund”) is a separate diversified investment
series of Franklin ETF Trust (the “Trust”). The Trust, a Delaware statutory trust, is registered
under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end
management investment company.
The Fund is an actively managed
exchange-traded fund (“ETFs”). ETFs are funds that trade like
other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from
and redeemed by the issuing fund by all shareholders at a price based on net asset value
(“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund
at NAV solely by certain large institutional investors who have entered into agreements
with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual
fund, shares of the Fund are listed on a national securities exchange and trade in the
secondary market at market prices that change throughout the day.
Shares of the Fund are listed and
traded at market prices on NASDAQ. The market price for the
Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares
at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”).
Only Authorized Participants may purchase or redeem Creation Units directly with the
Fund at NAV. Creation Units are created and redeemed principally in-kind (although under
some circumstances its shares are created and redeemed partially for cash). Except when
aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders
who are not Authorized Participants may not redeem shares directly from the Funds
at NAV.
The Fund seeks to provide a high
level of current income as is consistent with prudent investing,
while seeking preservation of capital.
The Fund follows the accounting
and reporting guidance in Financial Accounting Standards Board
(“FASB”)
Accounting Standards Codification Topic 946, Financial Services –
Investment Companies
(“ASC
946”).
The following are significant accounting policies consistently
followed by the Fund and are in conformity with U.S. generally accepted accounting
principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions
are required to be made regarding assets, liabilities and changes in net assets resulting
from operations when financial statements are prepared. Changes in the economic environment,
financial markets and any other parameters used in determining these estimates
could cause actual results to differ. Subsequent events have been evaluated through
the date the financial statements were issued.
(a) Investment
valuation. The
valuations for fixed income securities (which may include, but
are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage
obligations and asset-backed securities) and certain derivative instruments are typically
the prices supplied by independent third party pricing services, which may use market
prices or broker/dealer quotations or a variety of valuation techniques and
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Notes
to Financial Statements (unaudited) (cont’d)
methodologies.
The independent third party pricing services typically use inputs that are observable
such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads,
default rates and quoted prices for similar securities. Investments in open-end
funds are valued at the closing net asset value per share of each fund on the day of valuation.
Futures contracts are valued daily at the settlement price established by the board
of trade or exchange on which they are traded. When the Fund holds securities or other
assets that are denominated in a foreign currency, the Fund will use the currency exchange
rates, generally determined as of 4:00 p.m. (London Time). If independent third party
pricing services are unable to supply prices for a portfolio investment, or if the prices supplied
are deemed by the manager to be unreliable, the market price may be determined by
the manager using quotations from one or more broker/dealers or at the transaction price
if the security has recently been purchased and no value has yet been obtained from a pricing
service or pricing broker. When reliable prices are not readily available, such as when
the value of a security has been significantly affected by events after the close of the exchange
or market on which the security is principally traded, but before the Fund calculates
its net asset value, the Fund values these securities as determined in accordance with
procedures approved by the Fund’s Board of Trustees.
Pursuant to policies adopted by
the Board of Trustees, the Fund’s manager has been designated
as the valuation designee and is responsible for the oversight of the daily valuation
process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the
“Valuation
Committee”).
The Valuation Committee is responsible for making fair value determinations,
evaluating the effectiveness of the Fund’s pricing policies, and reporting to the
Fund’s manager and the Board of Trustees. When determining the reliability of third party
pricing information for investments owned by the Fund, the Valuation Committee, among
other things, conducts due diligence reviews of pricing vendors, monitors the daily change
in prices and reviews transactions among market participants.
The Valuation Committee will consider
pricing methodologies it deems relevant and appropriate
when making fair value determinations. Examples of possible methodologies include,
but are not limited to, multiple of earnings; discount from market of a similar freely traded
security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield
analysis; yield to maturity; and/or fundamental investment analysis. The Valuation
Committee will also consider factors it deems relevant and appropriate in light of the
facts and circumstances. Examples of possible factors include, but are not limited to, the
type of security; the issuer’s financial statements; the purchase price of the security; the discount
from market value of unrestricted securities of the same class at the time of purchase;
analysts’ research and observations from financial institutions; information regarding
any transactions or offers with respect to the security; the existence of merger proposals
or tender offers affecting the security; the price and extent of public trading in similar
securities of the issuer or comparable companies; and the existence of a shelf registration
for restricted securities.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
For each portfolio
security that has been fair valued pursuant to the policies adopted by the Board
of Trustees, the fair value price is compared against the last available and next available
market quotations. The Valuation Committee reviews the results of such back testing
monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques
to measure fair value that are consistent with the market
approach and/or income approach, depending on the type of security and the particular
circumstance. The market approach uses prices and other relevant information generated
by market transactions involving identical or comparable securities. The income approach
uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy
that categorizes the inputs to valuation techniques used
to value assets and liabilities at measurement date. These inputs are summarized in the
three broad levels listed below:
•
Level
1 — unadjusted quoted prices in active markets for identical investments
•
Level
2 — other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.)
•
Level
3 — significant unobservable inputs (including the Fund’s own assumptions in determining
the fair value of investments)
The inputs or methodologies used
to value securities are not necessarily an indication of the
risk associated with investing in those securities.
The following is a summary of the
inputs used in valuing the Fund’s assets and liabilities carried
at fair value:
|
|
|
Other
Significant
Observable
Inputs
(Level
2) |
Significant
Unobservable
Inputs
(Level
3) |
|
|
|
|
|
|
Collateralized
Mortgage
Obligations
|
|
|
|
|
U.S.
Government & Agency
Obligations
|
|
|
|
|
Mortgage-Backed
Securities |
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Notes
to Financial Statements (unaudited) (cont’d)
|
|
|
Other
Significant
Observable
Inputs
(Level
2) |
Significant
Unobservable
Inputs
(Level
3) |
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Significant
Observable
Inputs
(Level
2) |
Significant
Unobservable
Inputs
(Level
3) |
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
See
Schedule of Investments for additional detailed categorizations. |
|
Reflects
the unrealized appreciation (depreciation) of the instruments. |
(b) Futures
contracts. The
Fund uses futures contracts generally to gain exposure to, or hedge
against, changes in interest rates or gain exposure to, or hedge against, changes in certain
asset classes. A futures contract represents a commitment for the future purchase or
sale of an asset at a specified price on a specified date.
Upon entering into a futures contract,
the Fund is required to deposit cash or securities with a
broker in an amount equal to a certain percentage of the contract amount. This is known as
the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received
by the Fund each day, depending on the daily fluctuation
in the value of the contract. For certain futures, including
foreign denominated futures, variation margin is not settled daily, but
is recorded as a net variation margin payable or receivable. The daily changes in contract
value are recorded as unrealized appreciation or depreciation in the Statement of Operations
and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying
degrees, risk of loss in excess of the amounts reflected in
the financial statements. In addition, there is the risk that the Fund may not be able to enter
into a closing transaction because of an illiquid secondary market.
(c) Securities
traded on a to-be-announced basis. The
Fund may trade securities on a to-be-announced (“TBA”)
basis. In a TBA transaction, the Fund commits to purchasing or selling
securities which have not yet been issued by the issuer and for which specific information,
such as the face amount, maturity date and underlying pool of investments in U.S.
government agency mortgage pass-through securities, is not announced. Securities purchased
on a TBA basis are not settled until they are delivered to the Fund. Beginning on the
date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid
high-grade debt obligations are segregated in an amount equal in value to the
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
purchase price
of the TBA security. These securities are subject to market fluctuations and their
current value is determined in the same manner as for other securities.
(d) Mortgage
dollar rolls. The
Fund may enter into mortgage dollar rolls in which the Fund
sells mortgage-backed securities for delivery in the current month, realizing a gain or loss,
and simultaneously entering into contracts to repurchase substantially similar (same type,
coupon and maturity) securities to settle on a specified future date.
The Fund executes its mortgage dollar
rolls entirely in the TBA market, whereby the Fund makes
a forward commitment to purchase a security and, instead of accepting delivery, the position
is offset by a sale of the security with a simultaneous agreement to repurchase at a
future date. The Fund accounts for mortgage dollar rolls as purchases and sales.
The risk of entering into mortgage
dollar rolls is that the market value of the securities the Fund
is obligated to repurchase under the agreement may decline below the repurchase price.
In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes
insolvent, the Fund’s use of the proceeds of the mortgage dollar roll may be restricted
pending a determination by the counterparty, or its trustee or receiver, whether to enforce
the Fund’s obligation to repurchase the securities.
(e) Inflation-indexed
bonds. Inflation-indexed
bonds are fixed income securities whose principal value
or interest rate is periodically adjusted according to the rate of inflation. As the
index measuring inflation changes, the principal value or interest rate of inflation-indexed
bonds will be adjusted accordingly. Inflation adjustments to the principal amount of inflation-indexed
bonds are reflected as an increase or decrease to investment income on the
Statement of Operations. Repayment of the original bond principal upon maturity (as adjusted
for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds
that do not provide a similar guarantee, the adjusted principal value of the bond repaid
at maturity may be less than the original principal.
(f) Credit
and market risk. The
Fund invests in high-yield instruments that are subject to certain
credit and market risks. The yields of high-yield obligations reflect, among other things,
perceived credit and market risks. The Fund’s investments in securities rated below investment
grade typically involve risks not associated with higher rated securities including,
among others, greater risk related to timely and ultimate payment of interest and principal,
greater market price volatility and less liquid secondary market trading.
Investments in securities that are
collateralized by real estate mortgages are subject to certain
credit and liquidity risks. When market conditions result in an increase in default rates
of the underlying mortgages and the foreclosure values of underlying real estate properties
are materially below the outstanding amount of these underlying mortgages, collection
of the full amount of accrued interest and principal on these investments may be doubtful.
Such market conditions may significantly impair the value and liquidity of these investments
and may result in a lack of correlation between their credit ratings and values.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Notes
to Financial Statements (unaudited) (cont’d)
(g) Foreign
investment risks. The
Fund’s investments in foreign securities may involve risks
not present in domestic investments. Since securities may be denominated in foreign currencies,
may require settlement in foreign currencies or may pay interest or dividends in foreign
currencies, changes in the relationship of these foreign currencies to the U.S. dollar can
significantly affect the value of the investments and earnings of the Fund. Foreign investments
may also subject the Fund to foreign government exchange restrictions, expropriation,
taxation or other political, social or economic developments, all of which affect
the market and/or credit risk of the investments.
(h) Counterparty
risk and credit-risk-related contingent features of derivative instruments. The
Fund may invest in certain securities or engage in other transactions where
the Fund is exposed to counterparty credit risk in addition to broader market risks. The
Fund may invest in securities of issuers, which may also be considered counterparties as
trading partners in other transactions. This may increase the risk of loss in the event of default
or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual
obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically
assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting
the amount of its net exposure to each individual counterparty based on its assessment
and (iii) requiring collateral from the counterparty for certain transactions. Market
events and changes in overall economic conditions may impact the assessment of such
counterparty risk by the subadviser. In addition, declines in the values of underlying collateral
received may expose the Fund to increased risk of loss.
With exchange traded and centrally
cleared derivatives, there is less counterparty risk to the
Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees
against a possible default. The clearinghouse stands between the buyer and the seller
of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While
offset rights may exist under applicable law, the Fund does not have a contractual right
of offset against a clearing broker or clearinghouse in the event of a default of the clearing
broker or clearinghouse.
The Fund has entered into master
agreements, such as an International Swaps and Derivatives
Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement,
with certain of its derivative counterparties that govern over-the-counter (“OTC”)
derivatives and provide for general obligations, representations, agreements, collateral
posting terms, netting provisions in the event of default or termination and credit related
contingent features. The credit related contingent features include, but are not limited
to, a percentage decrease in the Fund net assets or net asset value per share over a specified
period of time. If these credit related contingent features were triggered, the derivatives
counterparty could terminate the positions and demand payment or require additional
collateral.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Under an ISDA
Master Agreement, the Fund may, under certain circumstances, offset with the
counterparty certain derivative financial instruments’ payables and/or receivables with collateral
held and/or posted and create one single net payment. However, absent an event of
default by the counterparty or a termination of the agreement, the terms of the ISDA Master
Agreements do not result in an offset of reported amounts of financial assets and financial
liabilities in the Statement of Assets and Liabilities across transactions between the
Fund and the applicable counterparty. The enforceability of the right to offset may vary by
jurisdiction.
Collateral requirements differ by
type of derivative. Collateral or margin requirements are set
by the broker or exchange clearinghouse for exchange traded derivatives while collateral
terms are contract specific for OTC traded derivatives. Cash collateral that has been
pledged to cover obligations of the Fund under derivative contracts, if any, will be reported
separately in the Statement of Assets and Liabilities. Securities pledged as collateral,
if any, for the same purpose are noted in the Schedule of Investments.
As of September 30, 2024, the Fund
did not have any open OTC derivative transactions with credit
related contingent features in a net liability position.
(i) Security
transactions and investment income. Security
transactions are accounted for on a trade date basis.
Interest income (including interest income from payment-in-kind securities)
is recorded on the accrual basis. Amortization of premiums and accretion of discounts
on debt securities are recorded to interest income over the lives of the respective securities,
except for premiums on certain callable debt securities, which are amortized to the
earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are
recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend
date for dividends received in cash and/or securities. The cost of investments sold
is determined by use of the specific identification method. To the extent any issuer defaults
or a credit event occurs that impacts the issuer, the Fund may halt any additional interest
income accruals and consider the realizability of interest accrued up to the date of default
or credit event.
(j) Distributions
to shareholders. Distributions
from net investment income of the Fund, if any, are declared
and paid monthly. Distributions of net realized gains, if any, are declared at
least annually. Distributions
to shareholders of the Fund are recorded on the ex-dividend date
and are determined in accordance with income tax regulations, which may differ from GAAP.
(k) Federal
and other taxes. It
is the Fund’s policy to comply with the federal income and excise
tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable
to regulated investment companies. Accordingly, the Fund intends to distribute its
taxable income and net realized gains, if any, to shareholders in accordance with timing
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Notes
to Financial Statements (unaudited) (cont’d)
requirements
imposed by the Code. Therefore, no federal or state income tax provision is required
in the Fund’s financial statements.
Management has analyzed the Fund’s
tax positions taken on income tax returns for all open tax
years and has concluded that as of March 31, 2024, no provision for income tax is required
in the Fund’s financial statements. The Fund’s federal and state income and federal excise
tax returns for tax years for which the applicable statutes of limitations have not expired
are subject to examination by the Internal Revenue Service and state departments of
revenue.
(l) Reclassification. GAAP
requires that certain components of net assets be reclassified to
reflect permanent differences between financial and tax reporting. These reclassifications
have no effect on net assets or net asset value per share.
2. Investment
management agreement and other transactions with affiliates
Franklin Adviser, Inc. (“Advisers”)
is the Fund’s investment manager and Franklin Templeton Services,
LLC (“FT
Services”)
is the Fund’s Administrative manager. Advisers and FT Services are
subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).
The Fund pays Advisers a unified
management fee for managing the Fund’s assets, as approved
by the Board. Pursuant to the investment management agreement with the Trust on
behalf of the Fund effective October 1, 2021, Advisers reimburses the Fund for all acquired
fund fees and expenses (such as those associated with the Fund’s investment in a Franklin Templeton
money fund) and pays all of the ordinary operating expenses of the Fund, except
for (i) the Fund’s management fee, (ii) payments under the Fund’s Rule 12b-1 plan (if any),
(iii) brokerage expenses (including any costs incidental to transactions in portfolio securities
or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses
on securities sold short and overdraft charges), (vi) litigation expenses (including litigation
to which the Trust or the Fund may be a party and indemnification of the Trustees and
officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The fee
is calculated daily and paid monthly according to the terms of the management agreement.
The Fund pays gross effective investment management fees 0.25% per year on the
average daily net assets of the Fund.
Under an agreement with Advisers,
FT Services provides administrative services to the Fund.
The fee is paid by Advisers based on the Fund’s average daily net assets, and is not an
additional expense of the Fund.
During the six months ended
September 30, 2024, the aggregate cost of purchases and proceeds
from sales of investments (excluding short-term investments) were as follows:
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
At September
30, 2024, the aggregate cost of investments and the aggregate gross unrealized
appreciation and depreciation of investments for federal income tax purposes were
substantially as follows:
|
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
(Depreciation)
|
|
|
|
|
|
|
|
|
|
|
4. Derivative
instruments and hedging activities
Below is a table, grouped by derivative
type, that provides information about the fair value and
the location of derivatives within the Statement of Assets and Liabilities at September
30, 2024.
|
Generally,
the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for
liability
derivatives is payables/net unrealized depreciation. |
|
Includes
cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of
Investments.
Only net variation margin is reported within the receivables and/or payables on the Statement of
Assets
and Liabilities. |
The following tables provide information
about the effect of derivatives and hedging activities
on the Fund’s Statement of Operations for the six months
ended September 30, 2024. The first table provides additional
detail about the amounts and sources of gains (losses)
realized on derivatives during the period. The second table provides additional information
about the change in net unrealized appreciation (depreciation) resulting from the
Fund’s derivatives and hedging activities during the period.
AMOUNT
OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED |
|
|
|
|
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Notes
to Financial Statements (unaudited) (cont’d)
CHANGE
IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED |
|
|
|
|
During the six months
ended September 30, 2024, the volume of derivative activity for the Fund
was as follows:
|
|
Futures
contracts (to buy) |
|
Futures
contracts (to sell) |
|
5. Fund
share transactions
At September 30, 2024, the Trust
had an unlimited number of shares of beneficial interest authorized
without par value. Fund shares are issued and redeemed by the Fund only in Creation
Units or Creation Unit aggregations, where 25,000 shares of the Fund constitute a Creation
Unit. Such transactions are generally on an in-kind basis, with a separate cash payment,
which is a balancing cash component to equate the transaction to the net asset value
per share of the Fund on the transaction date. Transactions in capital shares of the Fund
are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants
are subject to standard creation and redemption transaction fees to offset transfer
and other transaction costs associated with the issuance and redemption of Creation
Units. Such transactions fees are treated as increases in capital and are disclosed in
the Funds’ Statements of Changes in Net Assets. Creations and redemptions for cash (when
cash creations and redemptions are available or specified) may be subject to an additional
variable fee.
6. Transactions
with affiliated company
As defined by the 1940 Act, an affiliated
company is one in which the Fund owns 5% or more of the
outstanding voting securities, or a company which is under common ownership or
control with the Fund. The following company was considered an affiliated company for all
or some portion of the six months
ended September 30, 2024. The following transactions were
effected in such company for the six months
ended September 30, 2024.
|
Affiliate
Value at
March
31,
2024
|
|
|
|
|
|
|
Institutional
Fiduciary
Trust,
Money
Market
Portfolio
|
|
|
|
|
|
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
|
|
|
Net Increase
(Decrease)
in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
September
30,
2024
|
Institutional
Fiduciary
Trust,
Money Market
Portfolio
|
|
|
|
|
7. Deferred
capital losses
As of March 31, 2024, the Fund had
deferred capital losses of $27,316,689, which have no expiration
date, that will be available to offset future taxable capital gains.
Franklin
Short Duration U.S. Government ETF 2024 Semi-Annual Report
Changes
in and Disagreements with AccountantsFor
the period covered by this report
Results of Meeting(s)
of ShareholdersFor
the period covered by this report
Remuneration Paid to
Directors, Officers and OthersFor
the period covered by this report
Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-
inclusive management fee and not paid directly by the fund.
Franklin
Short Duration U.S. Government ETF
Board
Approval of Management and
Subadvisory Agreements (unaudited)
At an in-person
meeting held on May 29, 2024 (Meeting), the Board of Trustees (Board) of Franklin
ETF Trust (Trust), including a majority of the trustees who are not “interested persons”
as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed
and approved the continuance of the investment management agreement between
Franklin Advisers, Inc. (Manager) and the Trust, on behalf of the Fund (Management
Agreement) for an additional one-year period. The Independent Trustees received
advice from and met separately with Independent Trustee counsel in considering whether
to approve the continuation of the Management Agreement.
In considering the continuation
of the Management Agreement, the Board reviewed and considered
information provided by the Manager at the Meeting and throughout the year at meetings
of the Board and its committees. The Board also reviewed and considered information
provided in response to a detailed set of requests for information submitted to the
Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection
with the annual contract renewal process. In addition, prior to the Meeting, the Independent
Trustees held a virtual contract renewal meeting at which the Independent Trustees
first conferred amongst themselves and Independent Trustee counsel about contract
renewal matters, and then met with management to request additional information that
the Independent Trustees reviewed and considered prior to and at the Meeting. The Board
reviewed and considered all of the factors it deemed relevant in approving the continuance
of the Management Agreement, including, but not limited to: (i) the nature, extent
and quality of the services provided by the Manager; (ii) the investment performance of
the Fund; (iii) the costs of the services provided and profits realized by the Manager and its
affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are
realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for
the benefit of Fund investors.
In approving the continuance of
the Management Agreement, the Board, including a majority
of the Independent Trustees, determined, through the exercise of its business judgment,
that the terms of the Management Agreement are fair and reasonable and that the
continuance of the Management Agreement is in the best interests of the Fund and its shareholders.
While attention was given to all information furnished, the following discusses
some primary factors relevant to the Board’s determination.
Nature, Extent and Quality of Services
The Board reviewed and considered
information regarding the nature, extent and quality of investment
management services provided by the Manager and its affiliates to the Fund and
its shareholders. This information included, among other things, the qualifications, background
and experience of the senior management and investment personnel of the Manager,
as well as information on succession planning where appropriate; the structure of investment
personnel compensation; oversight of third-party service providers; investment
Franklin
Short Duration U.S. Government ETF
Board
Approval of Management and
Subadvisory Agreements (unaudited) (cont’d)
performance
reports and related financial information for the Fund; reports on expenses and shareholder
services; legal and compliance matters; risk controls; pricing and other services provided
by the Manager and its affiliates; and management fees charged by the Manager and
its affiliates to US funds and other accounts, including management’s explanation of differences
among accounts where relevant. The Board acknowledged the ongoing integration
of the Putnam family of funds into the Franklin Templeton (FT) family of funds and
management’s continued development of strategies to address areas of heightened concern
in the registered fund industry, including various regulatory initiatives and continuing
geopolitical concerns.
The Board also reviewed and considered
the benefits provided to Fund shareholders of investing
in a fund that is part of the FT family of funds. The Board noted the financial position
of Franklin Resources, Inc. (FRI), the Manager’s parent, and its commitment to the registered
fund business as evidenced by its continued introduction of new funds, reassessment
of the fund offerings in response to FT acquisitions and the market environment,
as well as project initiatives and capital investments relating to the services provided
to the Fund by the FT organization. The Board specifically noted FT’s commitment to
technological innovation and advancement, including its initiative to create a new enterprise-wide
artificial intelligence platform.
Following consideration of such
information, the Board was satisfied with the nature, extent
and quality of services provided by the Manager and its affiliates to the Fund and its shareholders.
The Board reviewed and considered
the performance results of the Fund for various time periods
ended December 31, 2023. The Board considered the performance returns for the Fund
in comparison to the performance returns of registered funds deemed comparable to the
Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions,
Inc. (Broadridge), an independent provider of investment company data. The Board
received a description of the methodology used by Broadridge to select the registered funds
included in a Performance Universe. The Board also reviewed and considered Fund performance
reports provided and discussions that occurred with portfolio managers at Board
meetings throughout the year. The Board referenced earlier discussions with management
on matters related to, among other things, the expansion and rationalization of
the overall product line, including investments in novel asset classes, as well as the growth
in assets from internal and external clients. In addition, the Board acknowledged information
provided regarding management’s strategy to grow market share through the use
of innovative data and technology and investments in marketing and distribution. The Board
noted management’s high level of client engagement and the strength of its internal audit
and compliance program. A summary of the Fund’s performance results is below.
Franklin
Short Duration U.S. Government ETF
The Performance
Universe for the Fund included the Fund and all retail and institutional short
US government funds and exchange-traded funds. The Board noted that the Fund’s annualized
total return for the one-, three-, five- and 10-year periods was above the median of
its Performance Universe. The Board discussed with management the small size of the Fund’s
Performance Universe, which included only the Fund and one other short US government
fund, and that therefore no quintile information was available for the Fund. The
Board concluded that the Fund’s performance was satisfactory.
Comparative Fees and Expenses
The Board reviewed and considered
information regarding the Fund’s actual total expense ratio,
noting that the Fund pays a Unified Fee (as defined below). The Board considered the actual
total expense ratio and, separately, the contractual management fee rate, without the
effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median
expense ratio and median Management Rate, respectively, of other exchange-traded
funds deemed comparable to and with a similar expense structure to the Fund selected
by Broadridge (Expense Group). Broadridge fee and expense data is based upon information
taken from each fund’s most recent annual or semi-annual report, which reflects historical
asset levels that may be quite different from those currently existing, particularly in
a period of market volatility. While recognizing such inherent limitation and the fact that expense
ratios and Management Rates generally increase as assets decline and decrease as
assets grow, the Board believed the independent analysis conducted by Broadridge to be an
appropriate measure of comparative fees and expenses. The Broadridge Management Rate
includes administrative charges. The Board received a description of the methodology used
by Broadridge to select the exchange-traded funds included in an Expense Group.
The Expense Group for the Fund was
comprised of actively managed exchange-traded funds, which
included the Fund, which is currently classified as a short U.S. government fund,
two short-intermediate investment-grade debt funds, six ultra-short obligation funds, and
six short investment-grade debt funds. The Board noted that the Management Rate for the
Fund was equal to the median of its Expense Group, and the actual total expense ratio was
below the median of its Expense Group. The Board further noted that the Fund has implemented
a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement
the Manager reimburses the Fund for all of its acquired fund fees and expenses
(if any) and pays all of the ordinary operating expenses of the Fund, except for (i) the
Fund’s Unified Fee, (ii) future Rule 12b-1 fees (if any), (iii) brokerage expenses, (iv) taxes, (v)
interest (including borrowing costs and dividend expenses on securities sold short and overdraft
charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may
be a party and indemnification of the Trustees and officers with respect thereto), and (vii)
other non-routine or extraordinary expenses. The Board concluded that the Management
Rate charged to the Fund is reasonable.
Franklin
Short Duration U.S. Government ETF
Board
Approval of Management and
Subadvisory Agreements (unaudited) (cont’d)
Profitability
The Board reviewed and considered
information regarding the profits realized by the Manager
and its affiliates in connection with the operation of the Fund. In this respect, the Board
considered the Fund profitability analysis provided by the Manager that addresses the
overall profitability of FT’s US fund business, as well as its profits in providing investment
management and other services to each of the individual Funds during the 12-month
period ended September 30, 2023 (the most recent fiscal year-end for FRI). The Board
noted that although management continually makes refinements to its methodologies used
in calculating profitability in response to organizational and product-related changes, the
overall methodology has remained consistent with that used in the Fund’s profitability report
presentations from prior years. The Board also noted that an independent registered public
accounting firm has been engaged by the Manager to periodically review and assess the
allocation methodologies to be used solely by the Fund’s Board with respect to the profitability
analysis.
The Board noted management’s
belief that costs incurred in establishing the infrastructure necessary
for the type of fund operations conducted by the Manager and its affiliates may not
be fully reflected in the expenses allocated to the Fund in determining its profitability, as
well as the fact that the level of profits, to a certain extent, reflected operational cost savings
and efficiencies initiated by management. As part of this evaluation, the Board considered
management’s outsourcing of certain operations, which effort has required considerable
up-front expenditures by the Manager but, over the long run, is expected to result
in greater efficiencies. The Board also noted management’s expenditures in improving shareholder
services provided to the Fund, as well as the need to implement systems and meet
additional regulatory and compliance requirements resulting from recent US Securities
and Exchange Commission and other regulatory requirements.
The Board also considered the extent
to which the Manager and its affiliates might derive ancillary
benefits from fund operations, including potential benefits resulting from personnel
and systems enhancements necessitated by fund growth, as well as increased leverage
with service providers and counterparties. Based upon its consideration of all these
factors, the Board concluded that the level of profits realized by the Manager and its affiliates
from providing services to the Fund was not excessive in view of the nature, extent
and quality of services provided to the Fund.
The Board reviewed and considered
the extent to which the Manager may realize economies
of scale, if any, as the Fund grows larger and whether the Fund’s management fee
structure reflects any economies of scale for the benefit of shareholders. The Board considered
that the Fund would likely experience benefits from the Unified Fee at the Fund’s projected
asset levels because of the Manager’s contractual requirement to bear most of
Franklin
Short Duration U.S. Government ETF
the Fund’s
ordinary operating expenses. The Board noted that, under the Unified Fee, it is not
anticipated that the Fund will generate significant, if any, profit for the Manager and/or its
affiliates for some time. The Board also considered management’s view that any analyses
of potential economies of scale in managing a particular fund are inherently limited
in light of the joint and common costs and investments the Manager incurs across the
FT family of funds as a whole. The Board further noted that as of December 31, 2023, the
Fund did not have an asset size that would likely enable it to achieve economies of scale.
The Board also noted management’s representation that for the fiscal year ended September
30, 2023, the Fund did not experience a profit. The Board recognized that there would
not likely be any economies of scale for the Fund until its assets grow.
Based on its review, consideration
and evaluation of all factors it believed relevant, including
the above-described factors and conclusions, the Board unanimously approved the continuation
of the Management Agreement for an additional one-year period.
Franklin
Short Duration U.S. Government ETF
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Franklin
Short Duration
U.S. Government ETF
Trustees
Jennifer
M. Johnson
Chair
Investment manager
Franklin Templeton Services, LLC
The Bank of New York Mellon
Transfer
agent
The
Bank of New York Mellon
111 Sanders Creek Parkway
East Syracuse, NY 13057
Independent registered public
accounting firm
PricewaterhouseCoopers
LLP
San Francisco, CA
Franklin Short Duration U.S.
Government ETF
The Fund is a separate investment
series of Franklin ETF Trust, a Delaware statutory trust.
Franklin
Short Duration U.S. Government ETF
Legg Mason Funds
One Franklin Parkway
San
Mateo, CA 94403-1906
The Fund files
its complete schedule of portfolio holdings with the Securities
and Exchange Commission (“SEC”) for the first
and third quarters of each fiscal year as an exhibit to
its reports on Form N-PORT. The Fund’s Forms N-PORT
are available on the SEC’s website at www.sec.gov.
To obtain information on Form N-PORT, shareholders can
call the Fund at 1-877-721-1926.
Information on
how the Fund voted proxies relating to portfolio securities
during the prior 12-month period ended June 30th of each
year and a description of the policies and procedures that
the Fund uses to determine how to vote proxies related
to portfolio transactions are available (1) without charge,
upon request, by calling the Fund at 1-877-721-1926, (2)
at www.franklintempleton.com and (3) on the SEC’s
website at www.sec.gov.
This report is submitted for the
general information of the shareholders of Franklin Short Duration U.S. Government ETF. This
report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current
prospectus.
Investors should consider the Fund’s investment
objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the Fund.
Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2024 Franklin Distributors,
LLC, Member FINRA/SIPC. All rights reserved.
©
2024 Franklin Templeton. All rights reserved.
|
ITEM 8. |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements
included in Item 7 of this Form N-CSR.
|
ITEM 9. |
PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements
included in Item 7 of this Form N-CSR.
|
ITEM 10. |
REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT
COMPANIES. |
The information is disclosed as part of the Financial Statements
included in Item 7 of this Form N-CSR.
|
ITEM 11. |
STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements
included in Item 7 of this Form N-CSR, as applicable.
|
ITEM 12. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT
COMPANIES. |
Not applicable.
|
ITEM 13. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
|
ITEM 14. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED
PURCHASERS. |
Not applicable.
|
ITEM 15. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders
may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.
|
ITEM 16. |
CONTROLS AND PROCEDURES. |
|
(a) |
Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required
to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act
of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange
Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer
and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management,
including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no
matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. |
|
|
|
|
|
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the
Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including
the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the
design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal
executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective. |
|
(b) |
Changes in Internal Controls. There have
been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report
that has materially affected or is reasonably likely to materially affect the internal control over financial reporting. |
|
ITEM 17. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANY. |
Not applicable.
|
ITEM 18. |
RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
(a) (1) Not applicable.
(a) (2)
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration,
and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer
(b)
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration,
and Vivek Pai, Chief Financial Officer, Chief Accounting Officer and Treasurer
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned,
there unto duly authorized.
FRANKLIN ETF TRUST |
|
|
|
By: |
/s/ Christopher Kings |
|
|
Christopher Kings |
|
|
Chief Executive Officer - Finance and Administration |
|
|
|
|
Date: |
November 22, 2024 |
|
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
By: |
/s/ Christopher Kings |
|
|
Christopher Kings |
|
|
Chief Executive Officer - Finance and Administration |
|
|
|
|
Date: |
November 22, 2024 |
|
By: |
/s/ Vivek Pai |
|
|
Vivek Pai |
|
|
Chief Financial Officer, Chief Accounting Officer and Treasurer |
|
|
|
|
Date: |
November 22, 2024 |
|
CERTIFICATIONS PURSUANT TO SECTION 302
EX-99.CERT
CERTIFICATIONS
I, Christopher Kings, certify that:
| 1. | I have reviewed this report on Form N-CSR of Franklin ETF Trust; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officers and I have disclosed to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
| | |
Date: |
November 22, 2024 |
|
/s/ Christopher Kings |
|
|
|
Christopher Kings |
|
|
|
Chief Executive Officer - Finance and Administration |
CERTIFICATIONS
I, Vivek Pai, certify that:
| 1. | I have reviewed this report on Form N-CSR of Franklin ETF Trust; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and |
| 5. | The registrant’s other certifying officers and I have disclosed to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
| | |
Date: |
November 22, 2024 |
|
/s/ Vivek Pai |
|
|
|
Vivek Pai |
|
|
|
Chief Financial Officer, Chief Accounting Officer and Treasurer |
CERTIFICATIONS PURSUANT TO SECTION 906
EX-99.906CERT
Certification Pursuant to Rule 30a-2(b) under the
1940 Act and Section 906 of the Sarbanes-Oxley Act
I, Christopher Kings, Chief Executive Officer of the Franklin ETF Trust
(the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that, to my knowledge:
| 1. | The periodic report on Form N-CSR of the Registrant for the period ended 9/30/2024 (the “Form N-CSR”) fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| | |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations
of the Registrant. |
| | |
Dated: November 22, 2024
|
|
Christopher Kings, |
|
Chief Executive Officer – Finance and Administration |
|
I, Vivek Pai, Chief Financial Officer of the Franklin
ETF Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to my knowledge:
| 1. | The periodic report on Form N-CSR of the Registrant for the period ended 9/30/2024 (the “Form N-CSR”)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant. |
| | |
Dated: November 22, 2024
|
|
Vivek Pai |
|
Chief Financial Officer, Chief Accounting Officer and Treasurer |
|
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v3.24.3
Shareholder Report
|
6 Months Ended |
Sep. 30, 2024
USD ($)
$ / shares
|
Shareholder Report [Line Items] |
|
|
Document Type |
N-CSRS
|
|
Amendment Flag |
false
|
|
Registrant Name |
Franklin ETF Trust
|
|
Entity Central Index Key |
0001551895
|
|
Entity Investment Company Type |
N-1A
|
|
Document Period End Date |
Sep. 30, 2024
|
|
Franklin Short Duration U.S. Government ETF |
|
|
Shareholder Report [Line Items] |
|
|
Fund Name |
Franklin Short Duration U.S. Government ETF
|
|
Class Name |
Franklin Short Duration U.S. Government ETF
|
|
Trading Symbol |
FTSD
|
|
Security Exchange Name |
NYSE
|
|
Annual or Semi-Annual Statement [Text Block] |
This semi-annual shareholder report contains important information about Franklin Short Duration U.S. Government ETF for the period April 1, 2024, to September 30, 2024.
|
|
Shareholder Report Annual or Semi-Annual |
semi-annual shareholder report
|
|
Additional Information [Text Block] |
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
|
|
Additional Information Phone Number |
(800) DIAL BEN/342-5236
|
|
Additional Information Website |
https://www.franklintempleton.com/regulatory-fund-documents
|
|
Expenses [Text Block] |
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
Franklin Short Duration U.S. Government ETF
|
$12
|
0.24%
|
|
[1],[2] |
Expenses Paid, Amount |
$ 12
|
|
Expense Ratio, Percent |
0.24%
|
|
Net Assets |
$ 157,365,903
|
|
Holdings Count | $ / shares |
332
|
[3] |
Investment Company Portfolio Turnover |
52.00%
|
|
Additional Fund Statistics [Text Block] |
KEY FUND STATISTICS (as of September 30, 2024)
|
|
Total Net Assets
|
$157,365,903
|
Total Number of Portfolio Holdings*
|
332
|
Portfolio Turnover Rate
|
52%
|
|
[3] |
Holdings [Text Block] |
|
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Updated Prospectus Web Address |
https://www.franklintempleton.com/regulatory-fund-documents
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