FTMA — Franklin Massachusetts Municipal Income ETF ☆

Franklin Massachusetts Municipal Income ETF is an actively managed ETF, formerly the Putnam Massachusetts Tax Exempt Income Fund, that seeks high current income free of federal and Massachusetts personal income tax, consistent with preserving capital. It mainly holds investment-grade municipal bonds with maturities of three years or longer, including general obligation, revenue and tender option bonds, and may put up to 25% in junk bonds rated no lower than BB. It weighs credit, interest rate and prepayment risk along with general market conditions.