FTSDs active management focuses on the shorter end of the yield curve, investing in US government debt while targeting a duration of less than three years. The fund primarily invests in MBSs (ARMs) issued or guaranteed by the US government, Treasurys and TIPS. Due to the early repayment nature of most MBSs, expect portfolio maturity to be overstated. Overall, since FTSD is an actively-managed fund, its exposure can change quickly. The fund manager may transact in index futures contracts in order to obtain net long or short exposures to selected interest rates or durations. Prior to Aug. 1, 2022, the fund traded under the name Franklin Liberty Short Duration U.S. Government ETF.
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