Skip to content
etf.net

FTMH

GradeBNew York Stock Exchange Arca

Franklin Municipal High Yield ETF

Municipal Bond · Franklin Templeton · Inception 1985-09-09

$11.04−0.12 (−1.03%)

As of Sep 23, 2026, 3:06 PM EDT

History starts Oct 27, 2025.History starts Oct 27, 2025.
Intraday session: down, 41 prints from 11.15 to 11.04. Range 11.01 to 11.13. Use the arrow keys to read each point.$11.00$11.05$11.1010 AM12 PM2 PM4 PM
Expense ratio
0.35%
Fund size
$576M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
494
Volume · 30D
0.2M sh
NAV per share
$11.15
52W range
low $11.11high $11.90

The ETF.net FTMH Grade

B

64/ 100

Rank 7 of 19 in High-Yield Municipal Bonds⁠

Confidence High

Six-pillar profile for FTMH. Scores out of 100: Cost 64, Risk 36, Mission 85, Tradability 69, Holdings 52, Durability 70. Strongest: Mission (85). Weakest: Risk (36). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 64 of 100 sits in the B 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.
    BScore 64
    Category rank6/19 · top 32%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 85
    Category rank8/18 · top 44%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 36
    Category rank16/19 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 69
    Category rank4/19 · top 21%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 52
    Category rank13/19 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 70
    Category rank8/19 · top 42%

Graded as of Sep 22, 2026

Our read on FTMH

ETF.net Research

BMost muni ETFs are cheap index trackers. FTMH works the other side of the street: an active hunt for tax-exempt income in the muni market's lower-rated corners, off a strategy whose track record starts in 1985.

Stated mandate

The fund seeks high current income exempt from federal income tax.

Why people hold it

  1. 01One job, stated plainly in its own filings: high current income exempt from federal income tax. That is a different mandate than a broad investment-grade muni index fund.
  2. 02The strategy's record runs back to 1985, through multiple muni credit cycles, long before the ETF wrapper showed up.
  3. 03Roughly 500 bond positions, so one troubled issuer is a dent rather than a crater.
  4. 04In a crowded muni field, it lands in the upper half of the funds we review, which is respectable company for a credit-picking strategy.

Worth knowing

  1. 010.35% a year, above the muni-fund median of 0.30% and well above index staples like VTEB (0.03%) and MUB (0.05%). Active credit research is the thing you are paying for.
  2. 02High yield muni means lower-rated issuers. Credit risk and price swings run hotter here than in investment-grade muni index funds.
  3. 03Volume is moderate rather than firehose-level, and the underlying bonds trade thinly, so bid-ask spreads can be wider than the big index munis.

FTMH Holdings

As of Sep 22, 2026, 9:32 PM
Asset class
Bonds
Holdings
494
Top-10 weight
15%
Largest holding
PGLXX6.0%
The fund’s holdings, weight-ordered — page 1 of 35.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001PGLXXPUTNAM GOVT MMKT FND-P6.01%34,626,930$35M14
002—NY TRANSPRTN DEV C 6 6/551.52%8,500,000$9M1
003—NATIONAL-3 CLAS FRN 1/451.22%7,000,000$7M1
004—CSCDA CMNTY IM 3.125 8/561.13%9,400,000$7M2
005—GRAYS HARBOR 6.875 12/530.91%5,000,000$5M1
006—MD ECON DEV CORP - 6 7/580.90%5,025,000$5M1
007—ENERGY SOUTHEAST-A 5 4/340.89%5,000,000$5M2
008—RESTRUCTURED-SER A 4 7/410.88%5,700,000$5M5
009—IL FIN AUTH-A 5 2/470.85%5,500,000$5M2
010—DETROIT-B-1-FINL FRN 4/440.84%6,024,671$5M2
011—NY TRANSPRTN DEV C 6 6/540.78%4,400,000$4M2
012—CHICAGO BRD ED 5.75 12/500.74%4,500,000$4M2
013—NY TRNSPRTN DEV-AM 4 1/360.73%4,405,000$4M2
014—NEW YORK LIBERTY D 3 9/430.71%5,450,000$4M2
015—LANCASTER CNTY HOS 5 6/490.69%4,705,000$4M2

Showing 1–15 of 511 holdings

FTMH Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FTMH$9,938
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. FTMH $9,938. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

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.

Trailing total return for FTMH. Periods over one year show the average yearly return.
PeriodFTMH
Year to date−0.6%
1 month−2.8%
3 months−4.4%
1 yearHistory unavailable—
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsHistory unavailable—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FTMH
YearReturn barFTMH
2026 YTD−0.6%
2025+0.1%

History from Oct 27, 2025

FTMH in the news

ETF.net Research hasn’t filed on FTMH yet — coverage lands here as it’s written.

FTMH Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.04 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 10 payments from 2025 to 2026 YTD. Dec 1, 2025 $0.05; Dec 19, 2025 $0.06; Feb 2, 2026 $0.05; Mar 2, 2026 $0.04; Apr 1, 2026 $0.05; May 1, 2026 $0.05; Jun 1, 2026 $0.04; Jul 1, 2026 $0.04; Aug 3, 2026 $0.05; Sep 1, 2026 $0.04. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 1, 2026Sep 4, 2026$0.04
Aug 3, 2026Aug 6, 2026$0.05
Jul 1, 2026Jul 7, 2026$0.04
Jun 1, 2026Jun 4, 2026$0.04
May 1, 2026May 6, 2026$0.05
Apr 1, 2026Apr 6, 2026$0.05
Mar 2, 2026Mar 5, 2026$0.04
Feb 2, 2026Feb 5, 2026$0.05
Dec 19, 2025Dec 24, 2025$0.06
Dec 1, 2025Dec 4, 2025$0.05

FTMH Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
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.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
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.

The largest fall from a peak to the low that followed.
—
No data available
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.

How strongly the fund’s returns move with its asset-class index.
0.19
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FTMH Cost

Expense ratio0.35%
  • The middle half of High-Yield Municipal Bonds funds
  • Median 0.40%

5 of the 19 High-Yield Municipal Bonds funds charge less.

FTMH costs $35.00 a year on $10,000. The median High-Yield Municipal Bonds fund costs $40.00.