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tables and examples below.</span></div> Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0075 0 0.0000 0.1102 0.1177 Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. Example <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div> 1137 3185 4965 8463 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 38%.</div> 0.38 Investments, risks, and performance Principal investment strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund invests mainly in exchange-traded business development companies (“BDCs”). To qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the Securities and Exchange Commission (the “SEC”) and have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs are vehicles whose principal business is to invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies. The Investment Manager, as defined below, will seek BDC investments that contribute to stability of dividend income and return potential. In selecting investments, the Investment Manager expects to evaluate a BDC’s credit performance and risk level, potential changes in earnings and dividend levels, the impact of changes in interest rates on the BDC, and differences among BDCs in leverage and balance sheet structures. Given that the fund will invest primarily in BDCs and a significant portion of BDCs have exposure to the financials sector, a significant portion of the fund’s assets will have exposure to the financials sector.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Investment Manager may consider, among other factors, a BDC’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends, and capital policies, as well as overall market conditions, when deciding whether to buy or sell investments.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund invests at least 80% of the value of its net assets in BDCs. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund may invest up to 20% of its assets in real estate investment trusts (“REITs”), including mortgage REITs. A REIT pools investors’ funds for investment primarily in income-producing real estate properties or real estate-related loans (such as mortgages). The real estate properties in which REITs invest typically include properties such as office buildings, retail and industrial facilities, hotels, apartment buildings and healthcare facilities. The fund will limit its investments in REITs to publicly-traded REITs listed on national securities exchanges.</div> The fund invests mainly in exchange-traded business development companies (“BDCs”). To qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the Securities and Exchange Commission (the “SEC”) and have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs are vehicles whose principal business is to invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Investment Manager may consider, among other factors, a BDC’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends, and capital policies, as well as overall market conditions, when deciding whether to buy or sell investments.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund invests at least 80% of the value of its net assets in BDCs. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">It is important to understand that you can lose money by investing in the fund.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Risk of investing in business development companies (“BDCs”):</span> BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. While the BDCs in which the fund invests are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate dividend income. The BDCs in which the fund invests</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">may invest in floating rate securities, which are instruments in which the interest rate payable on an obligation fluctuates on a periodic basis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling interest rate environment, causing the BDC, and by extension, the fund, to experience a reduction in the income it receives from the security.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund will indirectly bear its proportionate share of any management fees and other operating expenses incurred by the BDCs and of any performance-based or incentive fees payable by the BDCs in which it invests, in addition to the fund’s management fee and any other expenses paid by the fund. A BDC’s incentive fee may be very high, vary from year to year and be payable even if the value of the BDC’s portfolio declines in a given time period. The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with a larger amount of risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Certain BDCs may also be difficult to value since many of the assets of BDCs do not have readily ascertainable market values. Therefore, such assets are most often recorded at fair value in accordance with valuation procedures adopted by such companies, which may potentially result in material differences between a BDC’s net asset value per share and its market value.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Risk of fund of funds restrictions:</span> The fund intends to rely on Section 12(d)(1)(F) of the 1940 Act in making investments in BDCs. A fund relying on Section 12(d)(1)(F) may acquire shares of a BDC provided that, immediately after purchase, not more than 3% of the outstanding voting securities of the BDC are owned by the fund and all affiliated persons of the fund, subject to certain conditions. The 3% limit could constrain the fund from investing in a particular BDC in an amount that would be considered desirable from an investment standpoint. Section 12(d)(1)(F)’s conditions include a requirement either to seek instructions from the fund’s security holders with regard to the voting of all proxies with respect to the BDC and to vote such proxies only in accordance with such instructions, or to vote the shares held by the fund in the same proportion as the vote of all other holders of the BDC. This requirement could limit the fund’s ability to support or oppose BDC shareholder voting matters. If the fund seeks to invest in a BDC above the 3% limit in Section 12(d)(1)(F), the fund would need to rely on Rule 12d1-4 under the 1940 Act, the SEC’s fund of funds rule.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Risk of investing in the financials sector:</span> The fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">development of new products and structures and changes to its regulatory framework.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Risk of investing in information technology companies:</span> Companies operating within information technology related industries may be affected by worldwide technological developments (including the development of artificial intelligence and machine learning), the success of their products and services (which may be outdated quickly), anticipated products or services that are delayed or cancelled, and investor perception of the company and/or its products or services. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services. In addition, companies operating within the information technology sector may develop and/or utilize artificial intelligence. Artificial intelligence technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Fluctuation of net asset value and share price risk:</span> Shares may trade at a larger premium or discount to the fund’s net asset value than shares of other ETFs. The net asset value of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for fund shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Trading issues risk:</span> There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The market prices of the fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the fund’s net asset value, the intraday value of the fund’s holdings and supply and demand for the fund’s shares. The Investment Manager cannot predict whether the fund’s shares will trade above, below or at their net asset value or the intraday value of the fund’s holdings. During periods when the fund is trading below its net asset value, investors may incur significant losses if they sell shares.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The securities held by the fund may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">exchange and the corresponding premium or discount to the shares’ net asset value may widen.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Large shareholder transaction risk:</span> The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager, as defined below, and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Authorized participant concentration risk:</span> Only an authorized participant may engage in creation and redemption transactions directly with the fund. The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or delisting.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Cash transactions risk:</span> Unlike certain ETFs, the fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk:</span> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Common stock risk:</span> The fund will invest in common stocks issued by BDCs. Common stock represents an ownership interest in a company. The value of a company’s stock, including a BDC, may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">companies in the same industry or in a number of different industries, such as increases in production costs.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Small and midsize companies risk:</span> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Industry or sector concentration risk:</span> From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. BDCs, as financial services companies, may be affected by the availability and cost of capital; changes in interest rates; insurance claims activity; industry consolidation; reduced profitability from limitations on loans; proprietary trading; interest rates and fees charged as a result of extensive government regulations; and general market conditions.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Real estate investment trust (“REIT”) risk:</span> Investments in REITs are subject to the risks associated with direct ownership in real estate, including economic downturns that have an adverse effect on real estate markets. Mortgage REITs may be affected by the risk of borrower default, the likelihood of which is increased for mortgage REITs that invest in sub-prime mortgages. REITs, and mortgage REITs in particular, are also subject to interest rate risk. In addition, since REITs depend on payment under their mortgage loans and leases to generate cash to make distributions to their shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.</div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Cybersecurity risk:</span> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information), or proprietary information, cause the fund, the Investment Manager, authorized participants and listing exchanges and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing or redeeming shares or receiving distributions. The fund and the Investment Manager have limited ability to prevent or mitigate cybersecurity incidents</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund and/or the Investment Manager. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because technology continues to evolve rapidly, including through developments in artificial intelligence and machine learning, new methods of carrying out cyber-attacks continue to emerge. As a result, certain cybersecurity risks may not yet be identified and some cyber-attacks may not be detected promptly, which may limit the fund’s ability to anticipate, prepare for or respond effectively to a cybersecurity incident. Like other funds and business enterprises, the fund, the Investment Manager and their service providers are subject to the risk of cybersecurity incidents from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies may increase the sophistication and effectiveness of cyber attacks, which may exacerbate these risks.</div> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Annual total returns <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 81%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top; text-align: right;">Q2 2023</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top; text-align: right;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: bottom; text-align: right;">8.36%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 80%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top; text-align: right;">Q3 2025</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top; text-align: right;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: bottom; text-align: right;">-3.83%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td colspan="9" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td colspan="8" style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">As of June 30, 2026, the fund’s year-to-date return was -8.49%.</div> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8.5pt; font-family: arial;"> </div> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2023-06-30 0.0836 Worst Quarter: 2025-09-30 -0.0383 2026-06-30 year-to-date return -0.0849 Average annual total returns (for periods ended 12/31/25) -0.0150 0.1783 -0.0550 0.1305 -0.0094 0.1182 0.1715 0.2239 -0.0350 0.1578 2022-09-29 2022-09-29 2022-09-29 2022-09-29 2022-09-29 <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 9pt; color: #388491;"><span style="text-decoration: underline;">www.franklintempletondatasources.com</span></span><span style="font-family: arial;">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks long-term capital appreciation. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> </div> Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0069 0 0.0000 0.0002 0.0071 -0.0001 0.0070 Management fees have been restated to reflect the reduced management fee effective July 1, 2025. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. August 31, 2027 Example <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 72 227 395 881 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 78%. </div> 0.78 Investments, risks, and performance Principal investment strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund invests mainly in common stocks (growth or value stocks or both) of emerging market companies of any size that the Investment Manager, as defined below, believes have favorable investment potential. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. Value stocks are issued by companies that the Investment Manager believes are currently undervalued by the market. If the Investment Manager is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, the fund invests at least 80% of the fund’s net assets in securities of emerging market companies excluding companies domiciled, or whose stock is listed for trading on an exchange, in China, as well as companies domiciled in Hong Kong. This policy is non‑fundamental and may be changed only after 60 days’ notice to shareholders. Emerging markets include countries in the MSCI Emerging Market ex‑China Index or that the Investment Manager considers to be emerging markets based on its evaluation of their level of economic development or the size and experience of their securities markets. Putnam Management invests significantly in small and mid‑size companies. In evaluating potential investments, the Investment Manager seeks high-quality companies with mispriced earnings growth that can potentially deliver excess return over the fund’s benchmark. The Investment Manager focuses on companies that it believes to have a durable competitive advantage, strong balance sheets and a potential for above-average profitability. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, including the information technology and financials sectors. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund is “non‑diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund. The fund expects to invest in a limited number of issuers. </div> The fund invests mainly in common stocks (growth or value stocks or both) of emerging market companies of any size that the Investment Manager, as defined below, believes have favorable investment potential. Under normal circumstances, the fund invests at least 80% of the fund’s net assets in securities of emerging market companies excluding companies domiciled, or whose stock is listed for trading on an exchange, in China, as well as companies domiciled in Hong Kong. This policy is non‑fundamental and may be changed only after 60 days’ notice to shareholders. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fluctuation of net asset value and share price risk:</span> Shares may trade at a larger premium or discount to the fund’s net asset value than shares of other ETFs. The net asset value of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for fund shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has a limited public trading history. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The market prices of the fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the fund’s net asset value, the intraday value of the fund’s holdings and supply and demand for the fund’s shares. The Investment Manager cannot predict whether the fund’s shares will trade above, below or at their net asset value or the intraday value of the fund’s holdings. During periods when the fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The securities held by the fund may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid‑ask spreads on the exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Large shareholder transaction risk: </span>The<span style="font-weight:bold"> </span>fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager, as defined below, and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Authorized participant concentration risk:</span> Only an authorized participant may engage in creation and redemption transactions directly with the fund. The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or delisting. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Cash transactions risk:</span> Unlike certain ETFs, the fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the fund might not have recognized if it were to distribute portfolio securities in‑kind. As such, investments in the fund’s shares may be less tax‑efficient than an investment in an ETF that distributes portfolio securities entirely in‑kind. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>Foreign investments involve certain special risks. For example, their values may decline in response to changes in currency exchange rates, unfavorable political and legal developments, unreliable or untimely information, and economic and financial instability. In addition, the liquidity of these investments may be more limited than for most U.S. investments, which means the fund may at times be unable to sell them at desirable prices. Foreign settlement procedures may also involve additional risks. These risks are generally greater in the case of developing (also known as emerging) markets, which typically have less developed legal and financial systems. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> <span style="font-weight:bold">Geographic focus risk: </span>From time to time, the fund may invest a significant portion of its assets in companies in one or more related geographic regions, such as Asian or Pacific Basin countries (other than China and Hong Kong), which would make the fund more vulnerable to adverse developments affecting those regions. On March 9, 2022, MSCI Inc. removed Russian securities from the MSCI Emerging Markets ex China Index and other MSCI emerging markets indices and reclassified Russia from emerging markets to “standalone markets” status. Given the economic and political importance of China in the overall global economy and, in particular, the Asian and Pacific Basin regions, the fund’s performance may be impacted indirectly by financial, political, or other risks and developments relating to China, the Chinese economy, or Chinese companies. Many emerging markets countries are heavily dependent on China, including with respect to trade flows, global supply chains and travel. In addition, the fund may invest in Taiwan, which may be subject to heightened geopolitical risks relating to China. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Small and midsize companies risk: </span>Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Industry or sector concentration risk: </span>From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, including the information technology and financials sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Non‑diversified risk:</span> As a non‑diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Moreover, the gains and losses on a single investment may have a greater impact on the fund’s net asset value and may make the fund more volatile than more diversified funds. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Cybersecurity risk:</span> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information), or proprietary information, cause the fund, the Investment Manager, authorized participants and listing exchanges and/or their service providers (including, but not limited to, fund accountants, custodians, sub‑custodians, transfer agents </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing or redeeming shares or receiving distributions. The fund and the Investment Manager have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund and/or the Investment Manager. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Because technology continues to evolve rapidly, including through developments in artificial intelligence and machine learning, new methods of carrying out cyber-attacks continue to emerge. As a result, certain cybersecurity risks may not yet be identified and some cyber-attacks may not be detected promptly, which may limit the fund’s ability to anticipate, prepare for or respond effectively to a cybersecurity incident. Like other funds and business enterprises, the fund, the Investment Manager and their service providers are subject to the risk of cybersecurity incidents from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies may increase the sophistication and effectiveness of cyber attacks, which may exacerbate these risks. </div> Performance <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Annual total returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:26%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:62%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Best Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">Q2 2025</td> <td style=" BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">18.24</td> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">Q1 2025</td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">‑3.24</td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">As of June 30, 2026, the fund’s year‑to‑date return was 40.42%.</div> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:8.5pt;font-family:arial;"> </div> </td> </tr> </table> Best Quarter: 2025-06-30 0.1824 Worst Quarter: 2025-03-31 -0.0324 2026-06-30 year‑to‑date return 0.4042 Average annual total returns (for periods ended 12/31/25) 0.3376 0.2566 0.3091 0.2390 0.2075 0.1979 0.3239 0.1659 0.3461 0.1949 2023-05-17 2023-05-17 2023-05-17 2023-05-17 2023-05-17 <div style="margin-top:2pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#388791"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. Since inception September 29, 2022. Management fees have been restated to reflect the reduced management fee effective July 1, 2025. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager, as defined below, has agreed to reduce its fees by an amount equal to the management fees paid by Franklin Templeton affiliated funds with respect to assets the fund invests in such affiliated funds. This arrangement cannot be terminated prior to August 31, 2027 without approval of the Board of Trustees. Since inception May 17, 2023. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses.