Franklin Dynamic Municipal Bond ETF
$23.59−0.25 (−1.05%)
- Expense ratio
- 0.30%
- Fund size
- $2.3B
- 1Y return
- +0.2%
- Yield · Last 12 months
- 4.11%
- Holdings
- 1424
- Volume · 30D
- 0.8M sh
- NAV per share
- $23.85
- 52W range
The ETF.net FLMI Grade
Score 73 of 100 sits in the A 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.CScore 51Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 97Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 63Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 91Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 69Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 76Category rank
Our read on FLMI
AFranklin's muni fund skips the index-hugging route: a hands-on book of roughly 1,300 tax-exempt bonds, paying out monthly. Federal-tax-free income is the entire job description, and it has been at it since 2017.
The fund seeks high current income exempt from federal income taxes. It normally invests at least 80% of net assets in municipal securities whose interest is federally tax-exempt.
Why people hold it
- One mission, stated plainly: high current income exempt from federal income tax, with at least 80% of net assets in municipal securities. No side quests.
- Roughly 1,300 bonds spread the credit risk thin, so no single issuer's bad headline sets the tone for the portfolio.
- Income lands monthly, matching how most people actually spend it.
- Actively traded, and it sticks tightly to the mandate in its prospectus. One of the stronger implementations in a crowded muni field.
Worth knowing
- At 0.30% a year, the fee sits at the muni ETF median but well above index giants like VTEB and SCMB at 0.03%. The premium buys a managed book, not an index.
- The tax break is federal. State and local treatment depends on where you live and what the fund holds.
- It's a bond fund, so share prices move with interest rates even while the tax-exempt coupons keep arriving.
FLMI Holdings
- Bonds
- 1,424
- 16%
- BLACK BELT ENERGY 5 10/35
Geography
- United States100.00%
FLMI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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.
| Period | FLMI |
|---|---|
| Year to date | −1.5% |
| 1 month | −2.7% |
| 3 months | −3.9% |
| 1 year | +0.2% |
| 3 years | +5.0% |
| 5 years | +1.2% |
| 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 | FLMI |
|---|---|---|
| 2026 YTD | −1.5% | |
| 2025 | +5.9% | |
| 2024 | +4.9% | |
| 2023 | +7.9% | |
| 2022 | −10.2% | |
| 2021 | +4.1% | |
| 2020 | +6.1% |
FLMI in the news
ETF.net Research hasn’t filed on FLMI yet — coverage lands here as it’s written.
FLMI Dividends
- 4.11%
- $0.98
- $0.08 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 4, 2026 | $0.08 |
| Aug 3, 2026 | Aug 6, 2026 | $0.09 |
| Jul 1, 2026 | Jul 7, 2026 | $0.09 |
| Jun 1, 2026 | Jun 4, 2026 | $0.08 |
| May 1, 2026 | May 6, 2026 | $0.09 |
| Apr 1, 2026 | Apr 6, 2026 | $0.09 |
| Mar 2, 2026 | Mar 5, 2026 | $0.07 |
| Feb 2, 2026 | Feb 5, 2026 | $0.08 |
| Dec 19, 2025 | Dec 24, 2025 | $0.07 |
| Dec 1, 2025 | Dec 4, 2025 | $0.07 |
| Nov 3, 2025 | Nov 6, 2025 | $0.09 |
| Oct 1, 2025 | Oct 6, 2025 | $0.08 |
FLMI Risk
- 5.3%
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.
- −14.4%
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.
- 0.89
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FLMI Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
29 of the 62 Other Municipal Bond funds charge less.