FLSP-P2 04/26
SUPPLEMENT DATED APRIL 17, 2026
TO THE SUMMARY PROSPECTUS, AS APPLICABLE, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A and SCHEDULE B
All changes described below are effective June 1, 2026.
1. The following supersedes any and all disclosure to the contrary in the Summary Prospectus, Prospectus and SAI of each fund listed in Schedule A:
The portfolio managers primarily responsible for the day-to-day management of the fund are Vaneet Chadha, CFA, Robert Christian, and Christopher W. Floyd, CFA.
2. The following changes are made to the Prospectus and SAI of each fund listed in Schedule B:
a. The following replaces the references to Sundaram Chettiappan and Christopher W. Floyd in the section titled “Fund Summary – Portfolio Managers” in each fund’s Prospectus:
Brett E.
Risser
Portfolio Manager of Advisers and portfolio manager of the
Fund since June 2026.
b. The following replaces the references to Sundaram Chettiappan and Christopher W. Floyd in the section titled “Fund Details – Management” in each fund’s Prospectus:
Brett E. Risser Portfolio Manager of Advisers
Mr. Risser has been a portfolio manager of the Fund since June 2026. He joined Franklin Templeton in 2023. Prior to joining Franklin Templeton, Mr. Risser was a portfolio manager for Putnam Investment Management, LLC (“Putnam Management”). He joined Putnam Management in 2003.
c. The following replaces references to Sundaram Chettiappan and Christopher W. Floyd in the table in the section titled “Management and Other Services – Portfolio managers” in each fund’s SAI:
Name | Type of | Number of Accounts Managed | Total Assets Managed (x $1 million) | Number of Accounts Managed for which Advisory Fee is Performance-Based | Assets Managed for which Advisory Fee is Performance-Based (x $1 million) | |
Brett E. Risser* | Registered Investment Companies | 8 | 5,409.5 | None | None | |
Other Pooled Investment Vehicles | 9 | 1,935.6 | None | None | ||
Other Accounts | 4 | 1,506.0 | 1 | 638.8 |
*Information is provided as of February 28, 2026.
d. The following replaces references to Sundaram Chettiappan and Christopher W. Floyd in the table in the section titled “Management and Other Services – Portfolio managers – Ownership of Fund shares” in each fund’s SAI:
Portfolio Manager | Dollar Range of Fund Shares Beneficially Owned |
Brett E. Risser* | None |
*Information is provided as of March 31, 2026 |
SCHEDULE A
Fund
| Date of Summary Prospectus, Prospectus and SAI
|
FRANKLIN TEMPLETON ETF TRUST | |
Franklin Systematic Style Premia ETF | August 1, 2025 |
SCHEDULE B
Fund
| Date of Prospectus and SAI
|
Franklin Fund Allocator Series | |
Franklin U.S. Core Equity (IU) Fund | December 1, 2025 |
Franklin International Core Equity (IU) Fund | December 1, 2025 |
Franklin Emerging Market Core Equity (IU) Fund | December 1, 2025 |
Please retain this supplement for future reference.