Franklin Income Focus ETF
INCM
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- Franklin Income Focus ETF (INCM) is an actively managed exchange-traded fund that seeks high current income while maintaining prospects for capital appreciation by investing in a diversified portfolio of debt and equity securities; the fund employs income generation strategies and opportunistically allocates across asset classes, markets, and sectors, including fixed income such as high yield corporates, investment grade corporates, U.S. Treasuries, and mortgage-backed securities; equities spanning health care, information technology, industrials, energy, and consumer staples; and convertibles/equity-linked notes, with up to 40% of assets permitted in equity-linked notes (both single-stock and equity index). INCM lists on NYSE Arca and pays monthly dividends, with a total net assets of approximately $1.02 billion, 328 holdings across 198 issuers, and a net expense ratio of 0.38%. Launched on June 6, 2023, and managed by Franklin Income Investors—a team led by Edward D. Perks, CFA, with portfolio managers Todd Brighton, CFA, and Brendan Circle, CFA—the ETF draws on over 75 years of the firm's multi-asset income expertise and is part of Franklin Templeton ETF Trust, headquartered in San Mateo, California, with primary operations in the United States targeting retail and institutional investors seeking moderately conservative allocation strategies. Effective January 1, 2025, the fund implemented major strategic updates, including a shift to a blended benchmark of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index, and 25% Bloomberg U.S. Aggregate Index; expanded investment policies to allow up to 40% in equity-linked notes; and maintained dynamic asset allocation with recent portfolio positioning showing 41% fixed income, 35% equity, 22% convertibles/equity-linked notes, and neutral stance on fixed income favoring U.S. Treasuries, securitized products, and corporate issues alongside selective equity exposure.