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PUTNAM ETF TRUST 2025-10-08 Fund summary Goal <div style="margin-top:4pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a level of current income exempt from federal income tax and California personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </div> Fees and expenses <div style="margin-top:4pt;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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. Example <div style="margin-top:4pt;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. Your actual costs may be higher or lower. </div> 36 112 Portfolio turnover <div style="margin-top:4pt;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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 30%. </div> 0.30 Investments, risks, and performance Principal investment strategies <div style="margin-top:4pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">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 and California personal income tax (but that may be subject to federal and/or California alternative minimum tax (“AMT”)), are investment-grade in quality and have intermediate-to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests so that at least 90% of the fund’s income distributions are exempt from federal income tax and California personal income tax, except during times of adverse market conditions, when more than 10% of the fund’s income distributions could be subject to these taxes. 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 both federal and California personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 90% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:4pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in California, and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of California, the fund may also be exposed to the risks affecting other states. Certain provisions of the California Constitution and state statutes limit the taxing and spending authority of California’s government entities, which could impair the ability of California issuers to pay principal and/or interest on their obligations. Interest the fund receives might be taxable. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. </div> <div style="margin-top:6pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares. </div><div style="margin-top:0pt;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:6pt;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 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:6pt;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 de-listing. </div> <div style="margin-top:6pt;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:6pt;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:6pt;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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> 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. Performance <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about October 27, 2025, the fund will acquire the assets and assume the liabilities of the Putnam California Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:84%;"></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="page-break-inside:avoid;font-family:arial narrow;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;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 narrow;">Best Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q4 2023</td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">   </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">8.67</td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:8.5pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;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 narrow;">Worst Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2022</td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">-6.30</td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;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 narrow;">As of June 30, 2025, the year to date return was -1.90%</div> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0867 Worst Quarter: 2022-03-31 -0.0630 2025-06-30 year to date return -0.0190 Average annual total returns (for periods ended 12/31/24) 0.0290 0.0137 0.0256 0.0290 0.0118 0.0237 0.0312 0.0167 0.0264 0.0105 0.0099 0.0225 <div style="margin-top:12pt;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:9pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:9pt;color:#467886"><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: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund seeks as high a level of current income exempt from federal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital.</div> Fees and expenses <div style="margin-top: 4pt; 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) 0.0030 0.0000 0.0000 0.0030 Other expenses are based on estimated expenses for the current fiscal year. Example <div style="margin-top: 4pt; 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. Your actual costs may be higher or lower.</div> 31 97 Portfolio turnover <div style="margin-top: 4pt; 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the fiscal year ended September 30, 2024 was 35%.</div> 0.35 Investments, risks, and performance Principal investment strategies <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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 investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy exclude investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.</div> <div style="margin-top: 4pt; 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: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield.</div> <div style="margin-top: 6pt; 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: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.</div> <div style="margin-top: 6pt; 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: 6pt; 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 and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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: 6pt; 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 de-listing.</div> <div style="margin-top: 6pt; 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: 6pt; 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: 6pt; 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. Performance <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">anticipated to occur on or about October 27, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares.</div> <div style="margin-top: 6pt; 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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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: 86%;"></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 #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; 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 narrow;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">Q4 2023</span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">9.05</span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;">% </span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; 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 #bfbfbf; 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 narrow;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">Q1 2022</span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">-6.58</span></td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;">% </span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; 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 narrow;">As of June 30, 2025, the year-to-date return was -1.17%</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0905 Worst Quarter: 2022-03-31 -0.0658 2025-06-30 year-to-date return -0.0117 Average annual total returns (for periods ended 12/31/24) 0.0250 0.0120 0.0246 0.0250 0.0110 0.0230 0.0292 0.01358 0.0258 0.0105 0.0099 0.0225 <div style="margin-top: 22pt; 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: 9pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 9pt; color: #467886;"><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:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The fund seeks high current income exempt from federal income tax. </div> Fees and expenses <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;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. Your actual costs may be higher or lower. </div> 36 112 Portfolio turnover <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 23%. </div> 0.23 Investments, risks, and performance Principal investment strategies <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;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:10pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities (a significant part of the fund’s investments), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. <span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments.</span> The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. <span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;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:8pt;margin-bottom:0pt;font-size:10pt;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 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;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 de-listing.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;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.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about October 27, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Tax-Free High Yield Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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:10pt;font-family:times new roman;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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:64%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:17%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:17%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f;height:0.75pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #7f7f7f;height:0.75pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #7f7f7f;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;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-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">Q4 2023</td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">8.83%</td> </tr> <tr style="font-size:1pt"> <td style="height:0.75pt;"></td> <td colspan="2" style="height:0.75pt;"></td> <td colspan="2" style="height:0.75pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;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="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">Q1 2022</td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">-6.57%</td> </tr> <tr style="font-size:1pt"> <td style="height:0.75pt;"></td> <td colspan="2" style="height:0.75pt;"></td> <td colspan="2" style="height:0.75pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;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, 2025, the year-to-date return was -1.38%</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;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0883 Worst Quarter: 2022-03-31 -0.0657 2025-06-30 year-to-date return -0.0138 Average annual total returns (for periods ended 12/31/24) 0.0573 0.0196 0.0348 0.0573 0.0187 0.0336 0.0508 0.0232 0.0353 0.0105 0.0099 0.0225 <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;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:10pt;font-family:arial;">Important data provider notices and terms are available at <span style="text-decoration:underline">www.franklintempletondatasources.com</span>. Such information is subject to change. </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 as high a level of current income exempt from federal income tax and New York State and City personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower. </div> 36 112 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 17%. </div> 0.17 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 bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and New York State and City personal income taxes (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality and have intermediate- to long-term maturities (i.e., three years or longer). 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. 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 both federal and New York State and City personal income taxes. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 90% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than B or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. Also, the fund may only invest up to 10% of its total assets in investments that are rated B or its equivalent by each organization rating the investment or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk <span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in New York State and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of New York State, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. <span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight:bold"> </span></div><div style="margin-top:0pt;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:6pt;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 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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 de-listing.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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 <span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> 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. Performance <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about October 27, 2025, the fund will acquire the assets and assume the liabilities of the Putnam New York Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:58%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:20%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:20%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #7f7f7f;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #7f7f7f;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #7f7f7f;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;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 narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">Q4 2023</td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">8.98</td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:8.5pt"> <td style="padding-bottom:2pt ;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 narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">Q1 2022</td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;white-space:nowrap;text-align:right;">-6.44%</td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial narrow;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;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 narrow;">As of June 30, 2025, the year-to-date return was -2.21%</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;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0898 Worst Quarter: 2022-03-31 -0.0644 2025-06-30 year-to-date return -0.0221 Average annual total returns (for periods ended 12/31/24) 0.0224 0.0105 0.0224 0.0224 0.0104 0.0222 0.0276 0.0147 0.0242 0.0105 0.0099 0.0225 <div style="margin-top:18pt;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:9pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:9pt;color:#467886"><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 as high a level of current income exempt from federal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital.</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) 0.0020 0.0000 0.0000 0.0020 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower.</div> 20 63 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) 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 bonds (including general obligation bonds and revenue obligation bonds) that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (“AMT”)) and that have short-term maturities (i.e., three years or less). The bonds the fund invests in are mainly investment-grade in quality. Under normal circumstances, the fund invests at least 80% of its net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.</div> <div style="margin-top: 6pt; 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: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield.</div> <div style="margin-top: 6pt; 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; 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: 6pt; 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 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: 6pt; 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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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 de-listing.</div> <div style="margin-top: 6pt; 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: 6pt; 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: 6pt; 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. Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about October 27, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Short-Term Municipal Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares.</div> <div style="margin-top: 6pt; 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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of abroad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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: 84%;"></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="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <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; 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;"><span style="margin-right: 50px;">Q4 2023</span></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; 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;">2.89</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; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #7f7f7f; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="margin-right: 50px;">Q1 2022</span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; white-space: nowrap; vertical-align: bottom;"> </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;">-2.40</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; background-color: #cceeff;"> <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;">As of June 30, 2025, the year-to-date return was 1.83%</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;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #7f7f7f; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0289 Worst Quarter: 2022-03-31 -0.0240 2025-06-30 year-to-date return 0.0183 Average annual total returns (for periods ended 12/31/24) 0.0324 0.0168 0.0155 0.0324 0.0163 0.0152 0.0332 0.0174 0.0156 0.0105 0.0099 0.0225 0.0204 0.0107 0.0135 <div style="margin-top: 0pt; 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: #467886;"><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 Franklin Massachusetts Municipal Income ETF Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a level of current income exempt from federal income tax and Massachusetts personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower. </div> 36 112 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 portfolio turnover rate will be available after the fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 17%. </div> 0.17 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 bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and Massachusetts personal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments. Tax-exempt investments 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 both federal and Massachusetts personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk</span>: The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in Massachusetts and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of Massachusetts, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. <span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight:bold"> </span></div><div style="margin-top:6pt;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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> 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:6pt;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 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:6pt;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 de-listing. </div> <div style="margin-top:6pt;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:6pt;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:6pt;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. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about November 10, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Massachusetts Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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:84%;"></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="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <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;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;">Q4 2023</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;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;">8.00</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;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2022</td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </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;">-6.10</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;background-color:#cceeff"> <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;">As of June 30, 2025, the year-to-date return was -1.27%</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;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0800 Worst Quarter: 2022-03-31 -0.0610 2025-06-30 year-to-date return -0.0127 Average annual total returns(for periods ended 12/31/24) 0.0189 0.0091 0.0198 0.0189 0.0091 0.0197 0.0238 0.0129 0.0217 0.0105 0.0099 0.0225 <div style="margin-top:6pt;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:12pt;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:#467886"><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 summaryFranklin Minnesota Municipal Income ETF Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a level of current income exempt from federal income tax and Minnesota personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower. </div> 36 112 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 6%. </div> 0.06 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 bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and Minnesota personal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments. Tax-exempt investments 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 both federal and Minnesota personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. <span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as<span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"> </span>amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in Minnesota and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of Minnesota, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. <span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight:bold"> </span></div><div style="margin-top:6pt;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:6pt;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 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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 de-listing.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about November 10, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Minnesota Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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:83%;"></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="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <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;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;">Q4 2023</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;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;">8.08</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;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2022</td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </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;">-5.31</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;background-color:#cceeff"> <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;">As of June 30, 2025, the year-to-date return was -0.95%</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;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0808 Worst Quarter: 2022-03-31 -0.0531 2025-06-30 year-to-date return -0.0095 Average annual total returns(for periods ended 12/31/24) 0.0168 0.0099 0.0202 0.0168 0.0094 0.0198 0.0223 0.0131 0.0216 0.0105 0.0099 0.0225 <div style="margin-top:18pt;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:#467886"><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 Franklin New Jersey Municipal Income ETF Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a level of current income exempt from federal income tax and New Jersey personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower. </div> 36 112 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 10%. </div> 0.10 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 bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and New Jersey personal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments. Tax-exempt investments 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 both federal and New Jersey personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"> </span>amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in New Jersey and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of New Jersey, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable.<span style="font-weight:bold"> </span></div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. <span style="font-weight:bold"> </span></div> <div style="margin-top:12pt;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.<span style="font-weight:bold"> </span></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 no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight:bold"> </span></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 </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:12pt;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 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:12pt;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 de-listing.<span style="font-weight:bold"> </span></div> <div style="margin-top:12pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:12pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:12pt;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.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about November 10, 2025, the fund will acquire the assets and assume the liabilities of the Putnam New Jersey Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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:84%;"></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="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"><span style="font-size:10pt"><span style="font-weight:bold">Best Quarter:</span></span></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;">Q4 2023</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;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;">7.41</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;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2022</td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </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;">-5.82</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;background-color:#cceeff"> <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;">As of June 30, 2025, the year-to-date return was -0.73%</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;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0741 Worst Quarter: 2022-03-31 -0.0582 2025-06-30 year-to-date return -0.0073 Average annual total returns (for periods ended 12/31/24) 0.0216 0.0139 0.0238 0.0216 0.0138 0.0235 0.0262 0.0175 0.0254 0.0105 0.0099 0.0225 <div style="margin-top:12pt;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:#467886"><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 Franklin Ohio Municipal Income ETF Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a level of current income exempt from federal income tax and Ohio personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </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. 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. </div> Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower. </div> 36 112 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 21%. </div> 0.21 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 bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and Ohio personal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments. Tax-exempt investments 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 both federal and Ohio personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as<span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"> </span>amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in Ohio and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of Ohio, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. <span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares.<span style="font-weight:bold"> </span></div><div style="margin-top:6pt;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:6pt;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 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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 de-listing.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> <div style="margin-top:6pt;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.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about November 10, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Ohio Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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:84%;"></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="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"><span style="font-size:10pt"><span style="font-weight:bold">Best Quarter:</span></span></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;">Q4 2023</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;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;">7.66</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;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2022</td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </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;">-5.55</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;background-color:#cceeff"> <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;">As of June 30, 2025, the year-to-date return was -0.90%</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;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0766 Worst Quarter: 2022-03-31 -0.0555 2025-06-30 year-to-date return -0.0090 Average annual total returns (for periods ended 12/31/24) 0.0198 0.0102 0.0203 0.0197 0.0097 0.0201 0.0246 0.0140 0.0222 0.0105 0.0099 0.0225 <div style="margin-top:12pt;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:#467886"><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 summaryFranklin Pennsylvania Municipal Income ETF Goal <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund seeks as high a level of current income exempt from federal income tax and Pennsylvania personal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital. </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) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated expenses for the current fiscal year. 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. Your actual costs may be higher or lower. </div> 36 112 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 portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the most recent fiscal year was 11%. </div> 0.11 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 bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and Pennsylvania personal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments. Tax-exempt investments 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 both federal and Pennsylvania personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. </div> <div style="margin-top:6pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> amended, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. The fund’s performance will be closely tied to the economic and political conditions in Pennsylvania and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of Pennsylvania, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield. </div> <div style="margin-top:6pt;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:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Trading issues risk:</span> The fund has no 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. 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 such periods, investors may incur significant losses if they sell shares. </div><div style="margin-top:6pt;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:6pt;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 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:6pt;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 de-listing. </div> <div style="margin-top:6pt;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:6pt;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:6pt;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. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about November 10, 2025, the fund will acquire the assets and assume the liabilities of the Putnam Pennsylvania Tax Exempt Income Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares. </div><div style="margin-top:6pt;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 Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund. However, the fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s (and Predecessor 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 fund has not commenced operations as of the date of this prospectus. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6) The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s (and Predecessor 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 for class R6 shares <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:84%;"></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="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-TOP:0.75pt solid #7f7f7f; BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:top;"><span style="font-size:10pt"><span style="font-weight:bold">Best Quarter:</span></span></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;">Q4 2023</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;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;">8.57</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;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2022</td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;white-space:nowrap;vertical-align:bottom;"> </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;">-5.83</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;background-color:#cceeff"> <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;">As of June 30, 2025, the year-to-date return was -1.41%</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;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #7f7f7f;vertical-align:bottom;"><span style="font-size:x-small"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0857 Worst Quarter: 2022-03-31 -0.0583 2025-06-30 year-to-date return -0.0141 Average annual total returns(for periods ended 12/31/24) 0.0288 0.0129 0.0229 0.0288 0.0128 0.0228 0.0306 0.0163 0.0245 0.0105 0.0099 0.0225 <div style="margin-top:24pt;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:#467886"><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. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Other expenses are based on estimated expenses for the current fiscal year.