Franklin Dynamic Municipal Bond ETF (FLMI) Performance
FLMI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.8% since Dec 31, 2025
- 1 year
- −0.3% total return
- 5 years
- +1.6% a year
- Since first price
- +2.6% a year since 2017
FLMI trailing returns vs AGG, TLT, SPY
| Period | FLMI total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.5% | +1.1% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.6% | −2.6% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.4% | −4.4% | −1.5% | −3.8% | +7.8% |
| YTD | −0.8% | −3.8% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.3% | −4.2% | −1.1% | −6.9% | +14.4% |
| 3 years | +19.4%+6.1%/yr | +5.7% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +8.3%+1.6%/yr | −9.9% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionSep 5, 2017 | +26.2%+2.6%/yr | −4.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FLMI vs AGG
From Sep 5, 2017: FLMI grew to $12,616, AGG to $11,291.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FLMI returns by calendar year
7 of 8 full years positive. Best 2023 (+7.9%), worst 2022 (−10.2%). 2026 is year to date.
FLMI annual returns table
| Year | FLMI | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.8% | −7.2% | −1.0% | −3.4% | +12.3% |
| 2025 | +5.9% | −4.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +4.9% | −2.1% | +1.3% | −8.1% | +24.9% |
| 2023 | +7.9% | −5.3% | +5.7% | +2.8% | +26.2% |
| 2022 | −10.2% | −14.3% | −13.0% | −31.2% | −18.2% |
| 2021 | +4.1% | −2.6% | −1.8% | −4.6% | +28.7% |
| 2020 | +6.1% | −13.6% | +7.5% | +18.2% | +18.3% |
| 2019 | +6.7% | −1.6% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.4% | −2.0% | +0.1% | −1.6% | −4.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FLMI largest drawdowns
Now 3.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 4, 2021 | −14.7% | Oct 25, 2022 | Jul 31, 2024 | 1.2 years | 3.0 years |
| Mar 9, 2020 | −13.6% | Mar 20, 2020 | Nov 17, 2020 | 11 days | 8 months |
| Jul 6, 2026 | −7.2% | Sep 29, 2026 | not yet | 3 months | 4 months so far |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
FLMI risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +4.7% | +0.9% | +2.4% |
| Volatility (annualized) | 5.8% | 6.6% | 5.8% |
| Sharpe ratio | 0.06 | -0.38 | 0.01 |
| Sortino ratio | 0.09 | -0.49 | 0.01 |
| Best month | +5.0% | +5.0% | +5.0% |
| Worst month | −4.5% | −4.5% | −5.0% |
| Best 12 months | +13.8% | +13.8% | +13.8% |
| Worst 12 months | −2.1% | −12.8% | −12.8% |
| Positive months | 67% | 58% | 62% |
| Beta vs S&P 500 | 0.28 | 0.28 | — |
| Correlation with S&P 500 | 0.61 | 0.66 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FLMI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 94 | −12.8% | +4.7% | +13.8% | 82% |
| 3-year (a year) | 70 | −1.8% | +2.3% | +7.6% | 80% |
| 5-year (a year) | 46 | +0.9% | +2.2% | +3.1% | 100% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
FLMI performance overview
Franklin Dynamic Municipal Bond ETF (FLMI) returned −0.3% over the past year and +1.6% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +2.6% a year, turning $10,000 into about $12,616. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −14.7%, from Aug 4, 2021 to Oct 25, 2022, and it took 1.8 years to get back to the old high. FLMI finished 7 of its 8 full calendar years with a gain; the best year was 2023 (+7.9%) and the worst 2022 (−10.2%). Volatility has been 5.8% a year.
Related: FLMI chart, FLMI dividends, FLMI bond profile. See the FLMI overview for the latest quote and fund facts.
FLMI performance FAQ
What is the FLMI return over the past year?
FLMI returned −0.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.2%.
What is the average annual return of FLMI?
FLMI has returned +1.6% a year over 5 years, +2.6% a year since September 5, 2017 (total return, distributions reinvested).
How much would $10,000 invested in FLMI be worth?
$10,000 invested in FLMI at its first recorded close on September 5, 2017 would be worth about $12,616 on October 23, 2026 with distributions reinvested.
What was the worst year for FLMI?
The worst calendar year was 2022, with a total return of −10.2%. The best was 2023 at +7.9%.
What is the biggest drawdown of FLMI?
The largest peak-to-trough decline was −14.7% between August 4, 2021 and October 25, 2022. It recovered to the old high on July 31, 2024, 1.8 years after the bottom.
How volatile is FLMI?
Over the past 3 years FLMI had an annualized volatility of 5.8% and a Sharpe ratio of 0.06 (excess return over 1–3 month T-bills per unit of risk).