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FLMI vs VTEB: Differences, Returns & Fees

FLMI's duration was 6.8 years on Jun 30, 2026 and VTEB's 7.1 on Jul 31, 2026; VTEB charges 0.03% to FLMI's 0.30%. Net assets: $2.3bn on Oct 9, 2026 for Franklin Dynamic Municipal Bond ETF, and $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

VTEB costs 0.27 points a year less; their one-year returns differ by 0.4 points.

FLMIVTEB
Expense ratio0.30%0.03%
Net assets, FLMI as of Oct 9, 2026 and VTEB as of Sep 30, 2026$2.3bn$49.6bn
Total return, 1 year−1.9%−2.3%
What it tracksNo index, actively managedS&P National AMT-Free Municipal Bond Index
Holdings in common0%
Below its high6.3%, high on Jul 2, 20265.6%, 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
−2.3%
VTEB total return, 1 year
0.30%
FLMI expense ratio
0.03%
VTEB expense ratio

What they hold in common

By the books each fund has filed, FLMI and VTEB hold 0% 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

0% in common

Positions both hold, largest shared weight first
Holding FLMI VTEB
IL ILS 5 03/01/2046, due Mar 1, 2046 0.31% 0.05%
FL ORNFAC 5.5 11/01/2050, due Nov 1, 2050 0.12% 0.05%
IL ILS 5.5 03/01/2047, due Mar 1, 2047 0.25% 0.04%
NY MTATRN 5 11/15/2050, due Nov 15, 2050 0.29% 0.03%
NY MTATRN 4.75 11/15/2045, due Nov 15, 2045 0.11% 0.03%
IL CHI 5 01/01/2033, due Jan 1, 2033 0.03% 0.03%
IL CHIEDU 5.75 04/01/2048, due Apr 1, 2048 0.42% 0.02%
IL CHI 5 01/01/2034, due Jan 1, 2034 0.10% 0.02%
NY NYC 5.25 02/01/2048, due Feb 1, 2048 0.34% 0.02%
IL MPNFAC 4 12/15/2042, due Dec 15, 2042 1.34% 0.01%
IL CHI 5.5 01/01/2040, due Jan 1, 2040 0.42% 0.01%
IL MPNFAC 5 06/15/2053, due Jun 15, 2053 0.15% 0.01%
Only in FLMI
AL SEEPWR 5 11/01/2035, due Nov 1, 2035 1.78%
KY KYSPWR 5 05/01/2036, due May 1, 2036 1.74%
KY KYSPWR 5 12/01/2033, due Dec 1, 2033 1.60%
CA CCEDEV 5 03/01/2036, due Mar 1, 2036 1.47%
TN TNSUTL 5 12/01/2035, due Dec 1, 2035 1.42%
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%
Only in VTEB
NEW YORK CITY-F-1-REF, due Aug 1, 2034 0.12%
CA REGENTS UNIV-CD, due May 15, 2036 0.11%
IDAHO ST-TANS, due Jun 30, 2027 0.10%
CA REF, due Aug 1, 2032 0.10%
MARYLAND ST-GROUP 2, due Jun 1, 2038 0.09%
NY ST THRUWAY AUTH-A, due Sep 15, 2035 0.09%
TRIBOROUGH BRIDGE-A-1, due Feb 1, 2028 0.09%
DALLAS ISD-B, due Feb 15, 2056 0.08%

Check overlap with more funds →

On the same fields

FLMI
Franklin Dynamic Municipal Bond ETF
VTEB
Vanguard Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Franklin Vanguard
What it is Actively managed Tracks an index of Tax-Exempt Bond
Total return, 1 year −1.9% −2.3%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −19.2 pts −19.5 pts
Expense ratio 0.30% 0.03%
Holdings 1336 10723
Net assets, FLMI as of Oct 9, 2026 and VTEB as of Sep 30, 2026 $2.3bn $49.6bn

FLMI and VTEB 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.

VTEB in plain words

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 9, 2026 it returned −2.3% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 5.6% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FLMI or VTEB?
In the year to Oct 9, 2026, with distributions reinvested, FLMI returned −1.9% and VTEB −2.3%.
Which is cheaper, FLMI or VTEB?
VTEB is cheaper, by 0.27 percentage points a year. That is about $27 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FLMI vs MUBFLMI vs JMUBFLMI vs TAFMFLMI vs PZAFMB vs VTEBTAFM vs VTEBJMUB vs VTEBMUB vs VTEB
FLMI on its own →VTEB 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 ↗VTEB filings on SEC EDGAR ↗VTEB prospectus with the expense ratio (SEC) ↗Vanguard page for VTEB ↗

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 VTEB, data as of Oct 9, 2026. https://etfiq.com/compare/any/flmi-vs-vteb

Open data

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