Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Franklin Pennsylvania Municipal Income ETF
$8.11+0.04 (+0.51%)
- 0.36%
- $124M
- 0.1M sh
- $8.06
- low $7.99high $8.81
The ETF.net FTPA Grade
C
Score 54 out of 100
- 39 of 63
Score 54 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.C41 out of 100Rank 33 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A91 out of 100Rank 28 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.C47 out of 100Rank 35 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D30 out of 100Rank 58 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C54 out of 100Rank 35 of 63
Our read on FTPA
CA Pennsylvania muni portfolio with 1989 roots: run for decades as a Putnam mutual fund, rewrapped as an ETF in 2025. Actively managed, aiming at income exempt from federal and Pennsylvania income tax.
The filing identifies Franklin Pennsylvania Municipal Income ETF as a fund with its own investment objective, policies, and principal investment strategies.
Why people hold it
- Most muni ETFs are national. This one buys Pennsylvania paper, so its income targets exemption from federal and Pennsylvania personal income tax for in-state holders.franklintempleton.com
- Not a startup fund. The strategy dates to 1989 and reached the ETF wrapper by converting an existing Putnam municipal bond mutual fund, same strategy, new structure.morningstar.com
- Active, not indexed: roughly 110 Pennsylvania bonds chosen by Franklin's muni team, now with intraday trading and daily holdings disclosure the mutual fund never gave you.franklintempleton.com
Worth knowing
- State-specific active work costs more: 0.35% a year, above the muni-ETF median of 0.30% and well above national index options like VTEB (0.03%) and MUB (0.05%).
- Small and thinly traded next to the national muni giants, so spreads can widen. Limit orders are the standard tool for funds in this volume range.
- One state carries the whole portfolio, so Pennsylvania's budget and credit story drives it, and the state-tax exemption only reaches Pennsylvania taxpayers.franklintempleton.com
FTPA Holdings
- Bonds
- 125
- 30%
- PGLXX
FTPA 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.
FTPA$9,623
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 | FTPA |
|---|---|
| Year to date | −3.8% |
| 1 month | −2.7% |
| 3 months | −6.5% |
| 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 | FTPA |
|---|---|---|
| 2026 YTD | −3.8% |
FTPA in the news
FTPA Dividends
- $0.03 per share
- Monthly
Distribution data unavailable.
Distribution history
FTPA 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.
- −18.5%
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.
- 0.16
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FTPA Cost
0.36%
FTPA0.36%
- The middle half of Other Municipal Bond funds
- Median 0.30%
37 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- BMMINNYLI MacKay Muni Insured ETFExpense ratio 0.40%1 year return −2.4%
- CBMOPBNY Mellon Municipal Opportunities ETFExpense ratio 0.54%1 year return —
- CJMSIJPMorgan Sustainable Municipal Income ETFExpense ratio 0.46%1 year return −2.3%
- CMUNXAMG GW&K Muni Income ETFExpense ratio 0.29%1 year return —
- CPZTInvesco New York AMT-Free Municipal Bond ETFExpense ratio 0.28%1 year return −5.1%