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FTPA vs MUB

Franklin Pennsylvania Municipal Income ETF

FTPACNYSE Arca

iShares National Muni Bond ETF

MUBANYSE Arca

Overlap

No data

Expense ratio

MUB −0.30pt a year

FTPA0.35%MUB0.05%

Avg volume · 30D

MUB 93.7×the volume

FTPA99.1KMUB9.29M

FTPA vs MUB Performance

Dec 31, 2025 – Oct 30, 2026

−0.5%FTPA−0.4%MUB

Dec 31, 2025 to Oct 30, 2026. FTPA −0.5%. MUB −0.4%. Use the arrow keys to read each point.−4%2%Dec 2025Jun 2026Oct 2026
Expense ratio
FTPA 0.35%
MUB 0.05%, better
Fund size
FTPA $127M
MUB $54.4B
1Y total return
FTPA No data
MUB +0.1%
Yield (12M)
FTPA No data
MUB 3.28%
Holdings
FTPA 135
MUB 7950
Avg volume (30D)
FTPA 99.1K sh
MUB 9.29M sh, better
NAV per share
FTPA $8.35
MUB $103.96
52W range

ETF.net Grade

FTPA: Cost 35, Risk 45, Mission 92, Tradability 47, Holdings 45, Durability 53. MUB: Cost 95, Risk 65, Mission 100, Tradability 69, Holdings 82, Durability 93.
Pillar letters and Scores for FTPA, MUB, with each pillar’s weight
PillarFTPAMUB
Cost30% weightD35A95Higher
Mission25% weightA92A100Higher
Risk15% weightC45B65Higher
Tradability15% weightC47B69Higher
Holdings10% weightC45A82Higher
Durability5% weightC53A93Higher

Rank among Other Municipal Bond funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FTPA and MUB are both graded against the same 63 Other Municipal Bond funds, so their Grades compare head to head.

Other Municipal Bond⁠

Category · 63 funds
See all 63 ›

MUB ranks 2nd and FTPA 41st of 63 funds in the Other Municipal Bond Category.

  1. Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
  2. Rank 2AMUBiShares National Muni Bond ETFScore 86
  3. Rank 2ASCMBSchwab Municipal Bond ETFScore 86
  4. Rank 37BFTNYFranklin New York Municipal Income ETFScore 55
  5. Rank 41CFTPAFranklin Pennsylvania Municipal Income ETFScore 54
  6. Rank 41CMUNXAMG GW&K Muni Income ETFScore 54

Our read on each fund

ETF.net Research

FTPACFranklin Pennsylvania Municipal Income ETF

MUBAiShares National Muni Bond ETF

In short

FTPA A 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.

MUB Municipal bonds, indexed and cheap. Since 2007, MUB has packaged investment-grade national munis into tax-exempt monthly income for five basis points a year, and it sits among the deepest pools in the muni-ETF aisle.

Stated mandate

FTPA The filing identifies Franklin Pennsylvania Municipal Income ETF as a fund with its own investment objective, policies, and principal investment strategies.

MUB The fund seeks to track an index of investment-grade U.S. municipal bonds, providing diversified exposure to the national municipal-bond market and tax-exempt income.

Why people hold it

  • FTPA 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
  • MUB 0.05% a year against a muni-ETF median near 0.30%. In a category built on modest, tax-exempt yields, that fee gap is real money left in the fund.
  • The benchmark is AMT-free: the ICE AMT-Free US National Municipal Index screens out munis whose interest can be pulled into the alternative minimum tax.ishares.com
  • Tracks its index closely, one of the tighter jobs in its peer group, and distributes monthly. A multi-billion-dollar fund that trades actively.
  • Broad investment-grade exposure across the national muni market, spread over thousands of issuers rather than one state's budget.ishares.com

Worth knowing

  • FTPA 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
  • MUB Two rivals undercut it: VTEB and SCMB both run 0.03%. A two-basis-point gap is small, but it is a gap.
  • A bond fund with no maturity date to hold to. Share prices move with interest rates and muni credit conditions, both directions.
  • National by design, so no single-state tilt and no in-state tax angle. iShares runs state-specific muni funds such as NYF for that job.

Full FTPA profile⁠

Full MUB profile⁠

FTPA vs MUB Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTPA vs MUB Cost

Overpaying FTPA vs MUB

$6,066

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

  • FTPA 0.35%

    $7,126

  • MUB 0.05%

    $1,060

$10,000
30 years

Cost over time

  • FTPA 0.35%
  • MUB 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530FTPA $7,126MUB $1,060

Year by year

YearFTPAMUBOverpaying
10$634$92$542
20$2,454$360$2,094
30$7,126$1,060$6,066

Expense ratio

  • 0.35%FTPA
  • 0.05%MUB, cheaper
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

MUB 3rd cheapest of 63 funds

FTPA 37th cheapest of 63 funds

FTPA vs MUB Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FTPA No data
MUB 3.28%
Payout (12M)
FTPA No data
MUB $3.42
Last payment
FTPA $0.03
MUB $0.28
Ex-dividend
FTPA Oct 1, 2026
MUB Oct 1, 2026
Paid on
FTPA Oct 6, 2026
MUB Oct 6, 2026
Frequency
FTPA Monthly
MUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTPAMonthly · 11 paymentsAll FTPA payments⁠
One bar per payment. 11 payments from 2023 to 2026 YTD. Dec 1, 2025 $0.02; Dec 19, 2025 $0.02; 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 $0.02; Oct 1, 2026 $0.03. Use the arrow keys to read each point.$0$0.2520232026YTD
MUBMonthly · 45 paymentsAll MUB payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.22; Mar 1, 2023 $0.24; Apr 3, 2023 $0.23; May 1, 2023 $0.23; Jun 1, 2023 $0.23; Jul 3, 2023 $0.24; Aug 1, 2023 $0.24; Sep 1, 2023 $0.23; Oct 2, 2023 $0.24; Nov 1, 2023 $0.25; Dec 1, 2023 $0.25; Dec 14, 2023 $0.25; Feb 1, 2024 $0.26; Mar 1, 2024 $0.27; Apr 1, 2024 $0.26; May 1, 2024 $0.26; Jun 3, 2024 $0.28; Jul 1, 2024 $0.26; Aug 1, 2024 $0.26; Sep 3, 2024 $0.27; Oct 1, 2024 $0.28; Nov 1, 2024 $0.27; Dec 2, 2024 $0.27; Dec 18, 2024 $0.27; Feb 3, 2025 $0.27; Mar 3, 2025 $0.28; Apr 1, 2025 $0.28; May 1, 2025 $0.28; Jun 2, 2025 $0.28; Jul 1, 2025 $0.28; Aug 1, 2025 $0.28; Sep 2, 2025 $0.28; Oct 1, 2025 $0.29; Nov 3, 2025 $0.28; Dec 1, 2025 $0.29; Dec 19, 2025 $0.29; Feb 2, 2026 $0.28; Mar 2, 2026 $0.29; Apr 1, 2026 $0.28; May 1, 2026 $0.29; Jun 1, 2026 $0.28; Jul 1, 2026 $0.29; Aug 3, 2026 $0.29; Sep 1, 2026 $0.29; Oct 1, 2026 $0.28. Use the arrow keys to read each point.$0$0.2520232026YTD

FTPA vs MUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FTPA No dataMUB 5.7%
Return per unit of riskSharpe ratio, 3 years
FTPA No dataMUB −0.03
Worst fallMax drawdown, 5 years
FTPA −18.5%since Oct 2021MUB −11.6%
Market sensitivityBeta, 5 years
FTPA 0.16MUB 0.90

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