FRANKLIN MINNESOTA MUNICIPAL INCOME ETF

The top holders sit in a tight band — Cetera Investment Advisers ($14.1M), UBS Group ($13.2M) and Midwest Financial Partners ($12.7M) — with no single account dominating. That even spread is characteristic of a tax-exempt income product held by RIAs and wirehouses on behalf of clients seeking Minnesota muni exposure.

For readers, FTMN's 13F record is best read as a distribution map: the holders are advisory platforms parking client assets in a state-specific muni ETF, and the balanced top tier reflects allocation rather than any conviction trade in a security.