FTNY

Franklin New York Municipal Income ETF seeks high a level of current income exempt from federal income tax and New York State and City personal income taxes as the investment manager believes is consistent with preservation of capital. Under normal circumstances, the fund invests so that at least 90% of the fund's income distributions are exempt from federal income tax and New York State and City personal income taxes, except during times of adverse market conditions, when more than 10% of the fund's income distributions could be subject to these taxes.