Franklin California Municipal Income ETF FTCA Strategy

The investment seeks as high a level of current income exempt from federal income tax and California personal income tax as the adviser believes to be consistent with preservation of capital. The fund invests mainly in bonds that pay interest that is exempt from federal income tax and California personal income tax (but that may be subject to federal alternative minimum tax), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). The adviser 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.