FTPA vs SCMB: Grades, Fees and Holdings Compared

Franklin Pennsylvania Municipal Income ETF

FTPACNYSE Arca

Schwab Municipal Bond ETF

SCMBANYSE Arca

Overlap

No data

Expense ratio

SCMB −0.32pt a year

FTPA0.35%SCMB0.03%

Avg volume · 30D

SCMB 33.1×the volume

FTPA99.1KSCMB3.28M

FTPA vs SCMB Performance

Dec 31, 2025 – Oct 30, 2026

−0.5%FTPA−0.9%SCMB

Expense ratio: FTPA 0.35%; SCMB 0.03%, better
Fund size: FTPA $127M; SCMB $4.07B
1Y total return: FTPA No data; SCMB −0.6%
Yield (12M): FTPA No data; SCMB 3.70%
Holdings: FTPA 135; SCMB 8203
Avg volume (30D): FTPA 99.1K sh; SCMB 3.28M sh, better
NAV per share: FTPA $8.35; SCMB $24.87
52W range

ETF.net Grade

Pillar letters and Scores for FTPA, SCMB, with each pillar’s weight
Pillar	FTPA	SCMB
Cost30% weight	D35	A99Higher
Mission25% weight	A92	A96Higher
Risk15% weight	C45	B57Higher
Tradability15% weight	C47	A82Higher
Holdings10% weight	C45	A81Higher
Durability5% weight	C53	A72Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. FTPA and SCMB 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 ›

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

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
Rank 2AMUBiShares National Muni Bond ETFScore 86
Rank 2ASCMBSchwab Municipal Bond ETFScore 86
Rank 4AVCRMVanguard Core Tax-Exempt Bond EScore 85
Rank 37BFTNYFranklin New York Municipal Income ETFScore 55
Rank 41CFTPAFranklin Pennsylvania Municipal Income ETFScore 54
Rank 41CMUNXAMG GW&K Muni Income ETFScore 54

Our read on each fund

ETF.net Research

FTPACFranklin Pennsylvania Municipal Income ETF

SCMBASchwab Municipal 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.

SCMB Schwab's take on the core muni sleeve: three basis points, thousands of AMT-free bonds from across the country, and a monthly distribution. Bottom-of-the-table pricing, no frills attached.

Stated mandate

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

SCMB The fund seeks to track, before fees and expenses, the total return of an index representing the U.S. AMT-free municipal bond market.

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

SCMB Three basis points a year, against a 0.30% median for muni bond funds. Among the top-graded names in the category, only Vanguard's VTEB matches that fee.
Follows the ICE AMT-Free Core U.S. National Municipal Index across thousands of bonds and issuers, so no single borrower or state drives the portfolio.
Plain passive plumbing done well: it stays close to its index, trades actively, and pays monthly. One of the stronger implementations in the muni aisle.

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

SCMB Launched in 2022, so its live record is shorter than muni staples like MUB and VTEB, even though the strategy is the same broad-market idea.
Bond math still applies. This is a portfolio of municipal bonds, so share prices move opposite to interest rates.
National in scope, not single-state like NYF, so it is not built around any one state's tax rules.

Full FTPA profile⁠

Full SCMB profile⁠

FTPA vs SCMB Holdings

How FTPA and SCMB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.8%
Asset classFixed Income100%

Sector

No Sector split for FTPA and SCMB.

Country, concentration and asset class

Country by domicile

Country weights in FTPA and SCMB, widest gap first
Country	More in FTPAMore in SCMB	FTPA	SCMB
Guam	FTPA +2.2 points	2.2%	0.0%
United States	SCMB +2.2 points	97.8%	100.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FTPA20.9%
SCMB1.6%

Securities held

FTPA134
SCMB8,203

Asset class

FTPA: Fixed Income
SCMB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FTPA holds 134 securities, SCMB 8,203.

All 124 FTPA holdings⁠All 8,203 SCMB 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 SCMB Cost

Overpaying FTPA vs SCMB

$6,488

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

FTPA 0.35%
$7,126
SCMB 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FTPA 0.35%
SCMB 0.03%
Overpaying

Year by year

Year	FTPA	SCMB	Overpaying
10	$634	$55	$579
20	$2,454	$216	$2,238
30	$7,126	$638	$6,488

Expense ratio

0.35%FTPA
0.03%SCMB, cheaper

SCMB0.03%FTPA0.35%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

SCMB cheapest of 63 funds

FTPA 37th cheapest of 63 funds

FTPA vs SCMB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTPA No data; SCMB 3.70%
Payout (12M): FTPA No data; SCMB $0.92
Last payment: FTPA $0.03; SCMB $0.09
Ex-dividend: FTPA Oct 1, 2026; SCMB Oct 1, 2026
Paid on: FTPA Oct 6, 2026; SCMB Oct 7, 2026
Frequency: FTPA Monthly; SCMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTPAMonthly · 11 paymentsAll FTPA payments⁠

SCMBMonthly · 45 paymentsAll SCMB payments⁠

FTPA vs SCMB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTPA No dataSCMB 5.9%
Return per unit of riskSharpe ratio, 3 years: FTPA No dataSCMB −0.04
Worst fallMax drawdown, 5 years: FTPA −18.5%since Oct 2021SCMB −6.7%since Oct 2022
Market sensitivityBeta, 5 years: FTPA 0.16SCMB 0.96; Market = 1

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