Franklin Dynamic Municipal Bond ETF
Franklin Templeton ETF Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Franklin Dynamic Municipal Bond ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
A high level of current income that is exempt from federal income taxes.
The fund invests at least 80% of its net assets in municipal securities whose interest is exempt from federal income taxes, selecting securities across credit qualities and structures to balance risk and return, with an average effective duration target of two to eight years. Up to 20% may be held in securities subject to federal or state income taxes or the alternative minimum tax. Because the fund may invest in below-investment-grade and defaulted municipal securities, credit risk is material to returns.
| Share class | Expense ratio |
|---|---|
| FLMI | 0.30% |
Portfolio turnover 49.83% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.91% |
Latest quarter
What changed since the fund's previous filing
Largest new: TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP V (TX), PUBLIC ENERGY AUTHORITY OF KENTUCKY (KY), NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY (NJ) ×2, HIGHER EDUCATION STUDENT ASSISTANCE AUTHORITY (NJ), FW SKYLINE PUB FAC CORP TEX, NEW YORK (NY), CITY OF, HILLSBOROUGH COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)
Largest exited: WINCHESTER VA ECONOMIC DEV AUTH, MONTGOMERY CNTY MD, NEW YORK N Y CITY MUN WTR FIN AUTH, METROPOLITAN TRANSN AUTH N Y, GRAND TRAVERSE COUNTY HOSPITAL FINANCE AUTHORITY (MI), COLORADO HEALTH FACS AUTH, ATLANTA (GA), CITY OF, METROPOLITAN NASHVILLE ARPT AUTH TENN
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.8% |
| Floating rate | 17.1% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.9% |
| 3-5y | 1.4% |
| 5-10y | 22.8% |
| 10y+ | 74.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.33 yr |
| High yield | +0.51 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.78 yr | 26% |
| 10 yr | 3.98 yr | 59% |
| 30 yr | 0.70 yr | 10% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.11 yr | 2% |
| 5 yr | 2.60 yr | 38% |
| 10 yr | 4.11 yr | 60% |
| 30 yr | 0.02 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.00 | $699 | $62 |
| 1 yr | +0.28 | +0.10 | +0.02 | $22.7k | $3.7k |
| 5 yr | +1.78 | +2.40 | +0.19 | $552.7k | $44.7k |
| 10 yr | +3.98 | +3.81 | +0.30 | $875.9k | $69.3k |
| 30 yr | +0.70 | +0.02 | +0.00 | $4.2k | $499 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | SOUTHEAST ENERGY AUTHORITY (AL)5.00% · due 2035-11-01 | 1.78% | $40.92M | — |
| — | PUBLIC ENERGY AUTHORITY OF KENTUCKY (KY)5.00% · due 2036-05-01 | 1.74% | $40.07M | — |
| — | PUBLIC ENERGY AUTHORITY OF KENTUCKY (KY)5.00% · due 2033-12-01 | 1.60% | $36.76M | — |
| — | CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY (CA)5.00% · due 2036-03-01 | 1.47% | $33.91M | — |
| — | TENNESSEE ENERGY ACQUISITION CORP (TN)5.00% · due 2035-12-01 | 1.42% | $32.65M | — |
| — | METROPOLITAN PIER & EXPOSITION AUTHORITY (IL)4.00% · due 2042-12-15 | 1.34% | $30.86M | — |
| — | SOUTHEAST ENERGY AUTHORITY (AL)5.00% floating · due 2056-01-01 | 1.34% | $30.79M | — |
| — | BLACK BELT ENERGY GAS DISTRICT (THE) (AL)5.50% floating · due 2056-11-01 | 1.32% | $30.42M | — |
| — | BLACK BELT ENERGY GAS DISTRICT (THE) (AL)5.00% · due 2035-10-01 | 1.27% | $29.27M | — |
| — | TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP V (TX)5.00% · due 2036-04-01 | 1.03% | $23.59M | — |
Top 10 positions are 14.32% of net assets, top 25 25.36%, across 651 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free