Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Franklin Municipal Green Bond ETF
$22.03+0.15 (+0.69%)
- 0.30%
- $54M
- −4.0%
- 4.52%
- 0M sh
- $21.87
- low $21.64high $24.29
The ETF.net FLMB Grade
B
Score 58 out of 100
- 28 of 63
Score 58 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C52 out of 100Rank 29 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A93 out of 100Rank 23 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 52 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C53 out of 100Rank 31 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D38 out of 100Rank 52 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C41 out of 100Rank 45 of 63
Our read on FLMB
BMost muni funds buy the whole tax-exempt market. FLMB narrows the lens: a prospectus commitment of at least 80% of net assets to municipal green bonds, held in a compact portfolio that pays income monthly.
The fund commits at least 80% of its net assets to municipal green bonds.
Why people hold it
- The green mandate is contractual, not marketing: the prospectus commits at least 80% of net assets to municipal green bonds.
- Compact by design, roughly 80 bonds, so the green-project theme shows up in the portfolio instead of being diluted across thousands of holdings.
- The screen doesn't cost extra versus the typical muni fund: 0.30%, right at the category median.
- Municipal bond income, paid monthly, from a Franklin Templeton fund that has been trading since 2017.
Worth knowing
- Thinly traded. The bid-ask spread can matter more to your all-in cost than the expense ratio does.
- The broad muni index giants run far cheaper: VTEB and SCMB at 0.03%, MUB at 0.05%. The green screen carries a real price premium.
- A slice of a slice. With about 80 bonds, individual issuers and project types swing results more than in a thousand-bond index fund.
FLMB Holdings
- Bonds
- 67
- 41%
- California St Muni 4 5/39
FLMB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
FLMB$9,603
Returns run to the Oct 12, 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.
| Period | FLMB |
|---|---|
| Year to date | −5.0% |
| 1 month | −3.2% |
| 3 months | −7.0% |
| 1 year | −4.0% |
| 3 years | +3.0% |
| 5 years | −0.7% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FLMB |
|---|---|---|
| 2026 YTD | −5.0% | |
| 2025 | +3.9% | |
| 2024 | +2.5% | |
| 2023 | +7.7% | |
| 2022 | −12.2% | |
| 2021 | +0.8% | |
| 2020 | +7.4% |
FLMB in the news
FLMB Dividends
- 4.52%
- $0.99
- $0.10 per share
- Monthly
Distribution history
FLMB Risk
- 7.4%
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.
- −0.16
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.
- −17.2%
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.
- 1.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FLMB Cost
0.30%
FLMB0.30%
- The middle half of Other Municipal Bond funds
- Median 0.30%
28 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BMUSTColumbia Multi-Sector Municipal Income ETFExpense ratio 0.23%1 year return −2.8%
- BRVNUXtrackers Municipal Infrastructure Revenue Bond Active ETFExpense ratio 0.15%1 year return −2.6%
- BGCALGoldman Sachs Dynamic California Municipal Income ETFExpense ratio 0.35%1 year return −1.0%
- BFTNJFranklin New Jersey Municipal Income ETFExpense ratio 0.36%1 year return —
- BGMNYGoldman Sachs Dynamic New York Municipal Income ETFExpense ratio 0.35%1 year return −0.9%