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FSML

GradeBNew York Stock Exchange Arca

Franklin Small Cap Enhanced ETF

Active Equity · Franklin Templeton · Inception 2025-12-09

$29.15−0.46 (−1.55%)

As of Sep 23, 2026, 1:05 PM EDT

History starts Dec 9, 2025.History starts Dec 9, 2025.
Intraday session: down, 4 prints from 29.61 to 29.15. Range 29.15 to 29.64. Use the arrow keys to read each point.$29.40$29.6010 AM12 PM2 PM4 PM
Expense ratio
0.45%
Fund size
$148M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$29.50
52W range
low $23.90high $31.18

The ETF.net FSML Grade

B

64/ 100

Rank 9 of 41 in US Active Small-Cap⁠

Confidence Medium

Six-pillar profile for FSML. Scores out of 100: Cost 71, Risk 58, Mission not scored, Tradability 65, Holdings 57, Durability 63. Strongest: Cost (71). Weakest: Holdings (57). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 64 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 71
    Category rank13/41 · top 32%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 58
    Category rank16/37 · top 43%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank11/41 · top 27%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 57
    Category rank21/41 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 63
    Category rank16/41 · top 39%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FSML

ETF.net Research

BFranklin's quant take on small caps: a proprietary model scores Russell 2000 companies on value, quality and momentum, and the portfolio tilts toward the top scorers. Active decisions in an index-shaped frame, for 0.45% a year.

Stated mandate

The Fund seeks long-term capital appreciation by investing at least 80% of net assets in small-capitalization equity securities and economically similar derivatives or instruments.

Why people hold it

  1. 01The 0.45% fee lands below the median for active small-cap ETFs, a corner of the market where paying up for a stock picker is the norm.
  2. 02The recipe is written down: at least 80% of net assets in small-cap equities, ranked by a value, quality and momentum model with the Russell 2000 as the reference.
  3. 03Already sits in the upper half of its active small-cap peer group while being one of the newest names in it.
  4. 04Plain-vanilla plumbing: a standard 1940 Act fund that pays quarterly and sends a 1099, not a K-1.

Worth knowing

  1. 01It launched in December 2025, so there is very little live history behind the model and risk readings rest on a short window.
  2. 02Cheaper systematic small-cap options exist (AVUV, AVSC, DUHP). The extra fee here buys Franklin's scoring model, not broader exposure.
  3. 03The Russell 2000 is a yardstick, not a leash: the fund is actively run, so holdings and results can diverge from that index in either direction.

FSML Holdings

As of Sep 22, 2026, 9:39 PM
Asset class
Stocks
Holdings
—
Top-10 weight
15%
Largest holding
TXG2.4%

Geography

  • United States93.59%
  • Canada1.55%
  • United Kingdom1.07%
  • France0.95%
  • Singapore0.85%
  • Bermuda0.76%
  • Luxembourg0.57%
  • Switzerland0.22%
  • Other countries (4)0.43%
The fund’s holdings, weight-ordered — page 1 of 21.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001TXG10X GENOMICS INC-CLASS A2.37%44,214$3M136
002JXNJACKSON FINANCIAL INC-A1.57%17,532$2M142
003WGSGENEDX HOLDINGS CORP1.54%23,241$2M72
004AAMIACADIAN ASSET MANAGEMENT1.40%21,931$2M127
005OIIOCEANEERING INTL INC1.37%43,856$2M149
006TGTXTG THERAPEUTICS INC1.36%35,107$2M129
007BOXBOX INC - CLASS A1.34%58,670$2M135
008CNRCORE NATURAL RESOURCES IN1.31%21,373$2M122
009PSIXPOWER SOLUTIONS INTERNATI1.28%41,005$2M66
010TPCTUTOR PERINI CORP1.27%21,778$2M131
011KFYKORN FERRY1.25%24,094$2M147
012PRLBPROTO LABS INC1.19%20,003$2M120
013KRYSKRYSTAL BIOTECH INC1.19%5,246$2M152
014IDTIDT CORP-CLASS B1.18%25,242$2M98
015NESRNATIONAL ENERGY SERVICES1.18%53,545$2M90

Showing 1–15 of 301 holdings

FSML Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FSML$12,081
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. FSML $12,081. SPY $11,430. Use the arrow keys to read each point.$9,021$10,994$12,967Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FSML. Periods over one year show the average yearly return.
PeriodFSML
Year to date+20.8%
1 month−2.5%
3 months−1.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FSML
YearReturn barFSML
2026 YTD+20.8%
2025−1.3%

Since listing, Dec 9, 2025

FSML in the news

ETF.net Research hasn’t filed on FSML yet — coverage lands here as it’s written.

FSML Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.03 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 4 payments from 2025 to 2026 YTD. Dec 30, 2025 $0.02; Mar 20, 2026 $0.03; Jun 26, 2026 $0.07; Sep 18, 2026 $0.03. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Pays Sep 25, 2026$0.03
Jun 26, 2026Jul 6, 2026$0.07
Mar 20, 2026Mar 27, 2026$0.03
Dec 30, 2025Jan 8, 2026$0.02

FSML Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.99
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FSML Cost

Expense ratio0.45%
  • The middle half of US Active Small-Cap funds
  • Median 0.55%

11 of the 39 US Active Small-Cap funds charge less.

FSML costs $45.00 a year on $10,000. The median US Active Small-Cap fund costs $55.00.