FTMH

Franklin Municipal High Yield ETF seeks as high a level of current income exempt from federal income tax. The fund invests mainly in bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax ("AMT")), are a combination of below-investment-grade (sometimes referred to as "junk bonds") and investment-grade securities, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of its net assets in tax-exempt investments. Such tax-exempt investments in which the fund invests are issued by or for states, territories or possessions of the United States or by their political subdivisions, agencies, authorities or other government entities, and the income from these investments is exempt from federal income tax.