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Launched

Franklin Short-Term Municipal Income ETF

FTMSNYSE ArcaFranklin TempletonB

$9.830.00 (−0.05%)

As of Nov 2, 2026, 3:59 PM ET

B60/ 100

Rank 15 of 28 in Short-Duration Municipal Bonds

B60/100Rank 15 of 28inShort-Duration Municipal Bonds
Intraday session: down, 79 prints from 9.83 to 9.83. Range 9.80 to 9.84. Use the arrow keys to read each point.9.819.829.8410 AM12 PM2 PM4 PM
Expense ratio
0.21%*
Fund size
$263M
1Y total return
+2.3%
Yield · Last 12 months
No data
Holdings
288
Avg volume · 30D
246K sh
52W range
low $9.68high $10.09
Launched

*After a fee waiver that ends Mar 31, 2027. Without it: 0.22%.

The ETF.net FTMS Grade

B

Score 60 out of 100

Category
Short-Duration Municipal Bonds⁠
Rank
15 of 28
Six-pillar profile for FTMS. Scores out of 100: Cost 52, Risk 48, Mission 100, Tradability 41, Holdings 34, Durability 67. Strongest: Mission (100). Weakest: Holdings (34). Leans toward Mission.

Score 60 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 100
    Rank 14 of 28

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 27

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C48 out of 100
    Rank 14 of 27

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C41 out of 100
    Rank 18 of 28

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D34 out of 100
    Rank 23 of 28

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B67 out of 100
    Rank 9 of 28

Our read on FTMS

ETF.net Research

In short

BThe ETF rebuild of a short-muni strategy that has been running since 2013, managers intact. Active bond picking in an aisle where most rivals track an index: investment grade, three years or less, monthly income exempt from federal tax.

Stated mandate

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

Why people hold it

  • Actively managed rather than index-tracking: Franklin's muni team picks bonds across many states and sectors, mainly investment grade with maturities of three years or less.sec.govfranklintempleton.com
  • Fee is 0.21% net of a waiver through March 31, 2027 (0.22% gross), near the category median for short-term muni funds.
  • Pays monthly, with roughly 300 positions spread across issuers and sectors instead of a concentrated handful.
  • Continuity through the wrapper change: the portfolio managers carried over from the predecessor fund, one of them on the strategy since 2016.sec.gov

Worth knowing

  • Index rivals undercut it on price: VTES charges 0.05% and SUB 0.07%. Active security selection is what you are paying the difference for.
  • Moderately traded rather than one of the category's heavyweights, so the spread at the moment you trade deserves a look.
  • Interest is exempt from federal income tax, but some holdings can pay interest subject to the AMT, and state and local taxes may still apply.sec.govfranklintempleton.com

FTMS Performance

Launched Mar 18, 2013

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.Not enough history yet.Not enough history yet.
FTMS$10,234
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FTMS $10,234. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+1.8%
1 month+1.5%
3 months+0.5%
1 year+2.3%
3 yearsHistory unavailableper yearNo data
5 yearsHistory unavailableper yearNo data
10 yearsHistory unavailableper yearNo data

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+1.8%
2025+0.4%

History from Oct 27, 2025

FTMS in the news

FTMS Dividends

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. 11 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; Oct 1, 2026 $0.03. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Nov 2, 2026Pays Nov 5, 2026$0.03
Oct 1, 2026Oct 6, 2026$0.03
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

$10,000 in FTMS 1 year ago paid $306 in dividends.

FTMS Risk

Risk pillarC48 out of 100Rank 14 of 27 in Short-Duration Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
2.8%
Annualised · 12 months to Oct 2026
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.
−0.50
vs 3-month T-bills · 12 months to Oct 2026
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.
−2.0%
12 months · trough Sep 2026
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.

FMP measures it over up to five years of monthly returns.

FTMS Cost

Compare FTMS and VTES

Overpaying vs VTES, tied cheapest in Short-Duration Municipal Bonds

$3,297

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FTMS 0.21%

    $4,357

  • VTES 0.05% Tied cheapest

    $1,060

$10,000
30 years

Cost over time

  • FTMS 0.21%
  • VTES 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530FTMS $4,357VTES $1,060

Year by year

YearFTMSVTESOverpaying
10$383$92$291
20$1,491$360$1,131
30$4,357$1,060$3,297
How the 0.21% is worked out

Full fee 0.22%− waiver 0.01%= you pay 0.21%

The waiver ends Mar 31, 2027. After that the fee is 0.22% unless Franklin Templeton renews it. Source: prospectus, Mar 2026.

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