Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Franklin New York Municipal Income ETF
$7.36+0.05 (+0.68%)
- 0.37%
- $565M
- 0.2M sh
- $7.31
- low $7.22high $8.03
The ETF.net FTNY Grade
C
Score 53 out of 100
- 44 of 63
Score 53 of 100 falls in the C 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.D32 out of 100Rank 43 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A78 out of 100Rank 45 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 35 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C50 out of 100Rank 32 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B57 out of 100Rank 33 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A74 out of 100Rank 14 of 63
Our read on FTNY
CNew York taxpayers get their own aisle: an actively run muni portfolio targeting income exempt from federal, New York State and New York City personal income taxes. The strategy dates to 1983; the ETF wrapper is the new part.
The fund seeks a high level of current income exempt from federal and New York State and City personal income taxes while preserving capital.
Why people hold it
- Triple exemption is the point: it seeks income free of federal, New York State and New York City personal income taxes, a combination few ETFs are built to deliver.sec.gov
- Actively run, not index-bound: the fund may put up to 25% of total assets in below-investment-grade munis, with nothing rated under B and B-rated paper capped at 10%.sec.gov
- Depth behind the ticker: roughly 300 bond positions, and the strategy itself dates to 1983, decades before it took ETF form.franklintempleton.com
Worth knowing
- Cost is the trade-off: 0.37% runs above the muni-fund median, and the broad index giants (VTEB and SCMB at 0.03%) charge a sliver of that.
- Single-state by design: the portfolio lives on New York issuers, so New York budget and credit news lands harder here than in a national muni fund.sec.gov
- An index route exists in the same niche: NYF tracks a New York muni benchmark for 0.09%, so the case here rests on what active bond picking adds.
FTNY Holdings
- Bonds
- 264
- 19%
- New York Liberty D 3 9/43
FTNY 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.Not enough history yet.Not enough history yet.Not enough history yet.
FTNY$9,589
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 | FTNY |
|---|---|
| Year to date | −4.1% |
| 1 month | −2.6% |
| 3 months | −6.8% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 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 | FTNY |
|---|---|---|
| 2026 YTD | −4.1% | |
| 2025 | −0.2% |
FTNY in the news
FTNY Dividends
- $0.03 per share
- Monthly
Distribution data unavailable.
Distribution history
FTNY Risk
- —
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.
- —
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.
- —
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.
- 0.18
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FTNY Cost
0.37%
FTNY0.37%
- The middle half of Other Municipal Bond funds
- Median 0.30%
42 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CPZTInvesco New York AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −5.1%
- CFTCAFranklin California Municipal Income ETFExpense ratio 0.35%1 year return —
- CTAXMBondBloxx IR+M Tax-Aware ETF for Massachusetts ResidentsExpense ratio 0.35%1 year return −2.7%
- CFTOHPutnam ETF Trust - Franklin Ohio Municipal Income ETFExpense ratio 0.36%1 year return —
- CRMOPRockefeller Opportunistic Municipal Bond ETFExpense ratio 0.80%1 year return −1.9%