INCE

INCE's active manager attempts to reduce volatility through a fundamentally-driven, bottom-up security selection process. The starting portfolio is derived from the holdings of the issuer's actively-managed equity funds. Securities with solid fundamentals and low realized volatility relative to their corresponding sectors are selected. Generally, holdings are equal-weighted within sectors, while sectors are market-weighted in accordance with the Russell 1000 Index. Selection and weighting will generally be updated quarterly. While FLLV is a US-focused fund and is benchmarked to an index of US stocks, the fund may hold foreign securities for up to 20% of its portfolio. Prior to Aug. 1, 2022, the fund traded under the name Franklin Liberty U.S. Low Volatility ETF.