Fund Description: Franklin Liberty Intermediate Municipal Opportunities ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Franklin Templeton ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Franklin Liberty Intermediate Municipal Opportunities ETF seeks a high level of current income that is exempt from federal income taxes including the federal alternative minimum tax. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: Under normal market conditions, the Fund invests at least 80% of its net assets in municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund’s net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest. The Fund seeks to maintain a dollar-weighted average portfolio maturity of three to 10 years. The Fund may invest in municipal securities that are issued on a when-issued or delayed delivery basis. The Fund may invest in municipal securities rated in any rating category. The Fund does not necessarily focus its investments in a particular state, and will not invest more than 15% of its total assets in municipal securities of any one state. The Fund may invest in municipal securities that are covered by insurance policies that guarantee the timely payment of principal and interest. The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund's range of allowable investments and typically uses a buy and hold strategy. FUND MANAGEMENT: Franklin Advisers, Inc. serves as the Investment Manager (Adviser) to the Fund.