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FLMI vs FMB: Differences, Returns & Fees

FLMI's duration was 6.8 years on Jun 30, 2026 and FMB's 6.8 on Jul 31, 2026; FLMI charges 0.30% to FMB's 0.39%. Net assets on Oct 9, 2026: $2.3bn for Franklin Dynamic Municipal Bond ETF and $1.9bn for First Trust Managed Municipal ETF.

FLMI costs 0.09 points a year less; their one-year returns differ by 0.2 points; FLMI is 1.2 times larger.

FLMIFMB
Expense ratio0.30%0.39%
Net assets$2.3bn$1.9bn
Total return, 1 year−1.9%−2.1%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common3%
Below its high6.3%, high on Jul 2, 20265.8%, high on Jul 6, 2026

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.

−1.9%
FLMI total return, 1 year
−2.1%
FMB total return, 1 year
0.30%
FLMI expense ratio
0.39%
FMB expense ratio

What they hold in common

By the books each fund has filed, FLMI and FMB hold 3% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Jul 31, 2026.

half

3% in common

Positions both hold, largest shared weight first
Holding FLMI FMB
AL ESDPWR 5 11/01/2035, due Nov 1, 2035 0.90% 0.28%
TX TMGUTL 01/01/2054, due Jan 1, 2054 0.27% 0.44%
KY KYSPWR 5 05/01/2036, due May 1, 2036 1.74% 0.13%
TN TNSUTL 5 12/01/2035, due Dec 1, 2035 1.42% 0.13%
AL SEEPWR 10/01/2055, due Oct 1, 2055 0.12% 0.15%
IA IASGEN 12/01/2050, due Dec 1, 2050 0.12% 0.16%
PA ADMGEN 5 06/01/2044, due Jun 1, 2044 0.11% 0.11%
AL ESDPWR 11/01/2053, due Nov 1, 2053 0.10% 0.44%
AR ARSDEV 09/01/2046, due Sep 1, 2046 0.24% 0.10%
TX TAREDU 5 11/15/2043, due Nov 15, 2043 0.10% 0.11%
AL ESDPWR 5 11/01/2033, due Nov 1, 2033 0.09% 0.10%
NY SOBGEN 5.75 12/01/2044, due Dec 1, 2044 0.09% 0.20%
Only in FLMI
AL SEEPWR 5 11/01/2035, due Nov 1, 2035 1.78%
KY KYSPWR 5 12/01/2033, due Dec 1, 2033 1.60%
CA CCEDEV 5 03/01/2036, due Mar 1, 2036 1.47%
IL MPNFAC 4 12/15/2042, due Dec 15, 2042 1.34%
AL SEEPWR 01/01/2056, due Jan 1, 2056 1.34%
AL BBEUTL 11/01/2056, due Nov 1, 2056 1.32%
AL BBEUTL 5 10/01/2035, due Oct 1, 2035 1.27%
TX TXSUTL 5 04/01/2036, due Apr 1, 2036 1.03%
Only in FMB
KY MEADEV 08/01/2061, due Aug 1, 2061 0.79%
GA MAIUTL 09/01/2052, due Sep 1, 2052 0.71%
AL BBEUTL 10/01/2052, due Oct 1, 2052 0.50%
NY NYCGEN 4 11/01/2037, due Nov 1, 2037 0.48%
TN TNSUTL 5 11/01/2034, due Nov 1, 2034 0.44%
GA ATLAPT 4 07/01/2037, due Jul 1, 2037 0.43%
NY NYSHGR 5 03/15/2038, due Mar 15, 2038 0.40%
AL SEEPWR 11/01/2051, due Nov 1, 2051 0.40%

Check overlap with more funds →

On the same fields

FLMI
Franklin Dynamic Municipal Bond ETF
FMB
First Trust Managed Municipal ETF
Where it sits Bond ETF Bond ETF
Issuer Franklin First Trust
What it is Actively managed Actively managed
Total return, 1 year −1.9% −2.1%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −19.2 pts −19.4 pts
Expense ratio 0.30% 0.39%
Holdings 1336 1249
Net assets $2.3bn $1.9bn

FLMI and FMB on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

FLMI in plain words

FLMI is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −1.9% with distributions reinvested. The prospectus expense ratio is 0.30% a year. It sat 6.3% below its high of Jul 2, 2026 on Oct 9, 2026.

FMB in plain words

FMB is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −2.1% with distributions reinvested. The prospectus expense ratio is 0.39% a year. It sat 5.8% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FLMI or FMB?
In the year to Oct 9, 2026, with distributions reinvested, FLMI returned −1.9% and FMB −2.1%.
Which is cheaper, FLMI or FMB?
FLMI is cheaper, by 0.09 percentage points a year. That is about $9 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLMI vs VCRMFLMI vs LMUBFLMI vs TFIFLMI vs TAFMFMB vs VCRMFMB vs TFIFMB vs LMUBFMB vs SCMB
FLMI on its own →FMB on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
FLMI filings on SEC EDGAR ↗FLMI prospectus with the expense ratio (SEC) ↗Franklin website ↗FMB filings on SEC EDGAR ↗FMB prospectus with the expense ratio (SEC) ↗First Trust page for FMB ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FLMI against FMB, data as of Oct 9, 2026. https://etfiq.com/compare/any/flmi-vs-fmb

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.