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FTMS

GradeBNew York Stock Exchange Arca

Franklin Short-Term Municipal Income ETF

Municipal Bond · Franklin Templeton · Inception 2013-03-18

$9.76−0.03 (−0.31%)

As of Sep 23, 2026, 1:41 PM EDT

History starts Oct 27, 2025.History starts Oct 27, 2025.
Intraday session: down, 15 prints from 9.79 to 9.76. Range 9.76 to 9.80. Use the arrow keys to read each point.$9.77$9.78$9.79$9.8010 AM12 PM2 PM4 PM
Expense ratio
0.22%
Fund size
$208M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
257
Volume · 30D
0.2M sh
NAV per share
$9.80
52W range
low $9.71high $10.09

The ETF.net FTMS Grade

B

67/ 100

Rank 10 of 28 in Short-Duration Municipal Bonds⁠

Confidence High

Six-pillar profile for FTMS. Scores out of 100: Cost 56, Risk 51, Mission 100, Tradability 54, Holdings 71, Durability 65. Strongest: Mission (100). Weakest: Risk (51). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 67 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 56
    Category rank13/28 · top 46%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank8/27 · top 30%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 51
    Category rank13/27 · top 48%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 54
    Category rank13/28 · top 46%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 71
    Category rank8/28 · top 29%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 65
    Category rank11/28 · top 39%

Graded as of Sep 22, 2026

Our read on FTMS

ETF.net Research

BShort-maturity municipal bonds, built for income the IRS doesn't touch, with preserving capital written into the objective itself. Priced below the typical muni fund, though the category's index giants charge a fraction of that.

Stated mandate

The fund seeks a high level of current income exempt from federal income tax, consistent with preserving capital.

Why people hold it

  1. 01Costs 0.22% a year against a 0.30% median for muni bond funds. On tax-free income, every basis point of fee comes out of the same small yield.
  2. 02The mandate leaves little to interpretation: current income exempt from federal income tax, consistent with preserving capital, from short-maturity US municipals.
  3. 03Roughly 250 municipal positions, so the portfolio leans on breadth across issuers rather than a handful of big bets.
  4. 04Trading since 2013, which puts a full rate cycle behind it rather than a launch-week backtest.

Worth knowing

  1. 01The index heavyweights undercut it badly: VTEB and SCMB at 0.03%, MUB at 0.05%. Here you pay up for the short-maturity focus.
  2. 02Assets are modest by muni-ETF standards and volume is only moderate, which matters more on larger orders than on small ones.
  3. 03Distributions have not followed a fixed calendar, so the income shows up on an irregular rhythm.

FTMS Holdings

As of Sep 22, 2026, 9:33 PM
Asset class
Bonds
Holdings
257
Top-10 weight
11%
Largest holding
MATCHING FUND SPL 5 10/301.4%
The fund’s holdings, weight-ordered — page 1 of 18.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—MATCHING FUND SPL 5 10/301.39%2,810,000$3M5
002—S E ENERGY AUTH- FRN 3/551.32%2,725,000$3M2
003—JEFFERSON SALES T 5 12/281.21%2,425,000$3M1
004—SELKIRK FIRE DT-BA 4 8/271.10%2,265,000$2M1
005—OWEN CO-VAR-REF- FRN 6/401.09%2,250,000$2M1
006—IL FIN AUTH -REM FRN 5/401.09%2,250,000$2M1
007—MAIN STREET NATU FRN 7/521.06%2,200,000$2M1
008—CA ST UNIV-B2 FRN 11/491.06%2,200,000$2M1
009—CENTRL PUGET-S-1- 5 11/291.01%2,000,000$2M1
010—ORO GRANDE ESD-COP 4 9/281.01%2,095,000$2M1
011—AUSTIN -ELEC UTL 5 11/271.01%2,050,000$2M1
012—NEW YORK B-1-REF 5 8/280.99%2,000,000$2M1
013—TX TRANSPRTN-B1 FRN 10/440.98%2,000,000$2M1
014—LOS ANGELES-TRANS 5 6/270.98%2,000,000$2M1
015—CLEVELAND MUNI SD 5 12/290.98%1,930,000$2M1

Showing 1–15 of 264 holdings

FTMS Performance

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

FTMS$10,081
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. FTMS $10,081. 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 FTMS. Periods over one year show the average yearly return.
PeriodFTMS
Year to date+0.8%
1 month−0.8%
3 months−0.6%
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 FTMS
YearReturn barFTMS
2026 YTD+0.8%
2025+0.4%

History from Oct 27, 2025

FTMS in the news

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

FTMS 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
$0.03 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 $0.03; Dec 19, 2025 $0.03; Feb 2, 2026 $0.03; Mar 2, 2026 $0.03; Apr 1, 2026 $0.03; May 1, 2026 $0.03; Jun 1, 2026 $0.03; Jul 1, 2026 $0.03; Aug 3, 2026 $0.03; Sep 1, 2026 $0.03. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 1, 2026Sep 4, 2026$0.03
Aug 3, 2026Aug 6, 2026$0.03
Jul 1, 2026Jul 7, 2026$0.03
Jun 1, 2026Jun 4, 2026$0.03
May 1, 2026May 6, 2026$0.03
Apr 1, 2026Apr 6, 2026$0.03
Mar 2, 2026Mar 5, 2026$0.03
Feb 2, 2026Feb 5, 2026$0.03
Dec 19, 2025Dec 24, 2025$0.03
Dec 1, 2025Dec 4, 2025$0.03

FTMS 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.
0.07
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.

FTMS Cost

Expense ratio0.22%
  • The middle half of Short-Duration Municipal Bonds funds
  • Median 0.25%

12 of the 27 Short-Duration Municipal Bonds funds charge less.

FTMS costs $22.00 a year on $10,000. The median Short-Duration Municipal Bonds fund costs $25.00.