Seeking AlphaT3·28mo ago
FLMI Franklin Dynamic Municipal Bond ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
FLMI
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Key stats
About
Franklin Dynamic Municipal Bond ETF (FLMI) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2017-08-31
- Has Options
- No
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.30% issuer, Oct 21, 2026
- Assets
- $2.3B issuer-reported, Oct 20, 2026
- Trailing yield
- 4.20% paid monthly
- Average daily volume
- $49M 30 sessions
- Holdings
- 1,453 top 10 are 18.0%
- Listed
- Aug 31, 2017 NYSE Arca
- Net asset value
- $23.61 issuer, Oct 20, 2026 · closed +0.08% to NAV
- Median bid/ask spread
- 0.04% 30 days, issuer-reported
- 30-day SEC yield
- 4.48% issuer, Sep 30, 2026
- Return on NAV, 1 year
- −1.9% issuer, through Sep 30, 2026 · 3 years +4.6% a year · 5 years +0.9%
- Distributions, 12 months
- $0.99 a share issuer, through Oct 1, 2026: 100% income
Cost37
Liquidity90
Scale88
Diversification100
Moves with. Long Treasuries (38% of its variance, beta 0.25). These factors explain 42% of its daily moves over the last year.
Stated objective. A high level of current income that is exempt from federal income taxes. (from the fund's prospectus)
All 1,453 holdingsFlow historyOverlap toolAll National Muni ETFs
Fund flows
daily as of Oct 16, 2026issuer datathrough Jun 2026SEC filings- Oct 16, 2026
- +$1.2M latest day
- Latest 5 trading days
- −$9.5M
- Year to date
- −$9.5M
Each day
| Day | Net flow |
|---|---|
| Oct 16, 2026 | +$1.2M |
| Oct 15, 2026 | −$4.7M |
| Oct 14, 2026 | −$25M |
| Oct 13, 2026 | $0 |
| Oct 12, 2026 | +$19M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- +$192M latest reported month
- Latest 3 months
- +$405M +17.6% of assets
- Latest 12 months
- +$1.5B +66.5% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$192M |
| May 2026 | +$115M |
| Apr 2026 | +$98M |
| Mar 2026 | +$95M |
| Feb 2026 | +$133M |
| Jan 2026 | +$301M |
| Dec 2025 | +$114M |
| Nov 2025 | +$133M |
| Oct 2025 | +$107M |
| Sep 2025 | +$77M |
| Aug 2025 | +$83M |
| Jul 2025 | +$79M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 84 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| MUBiShares National Muni Bond ETF | — | 0.05% | $51.7B | −4.7% | compare |
| VTEBVanguard Tax-Exempt Bond Index Fund | — | 0.03% | $50.4B | −5.0% | compare |
| JMUBJPMorgan Municipal ETF | — | 0.18% | $8.7B | −4.9% | compare |
| CGMUCapital Group Municipal Income ETF | — | 0.27% | $7.2B | −4.0% | compare |
| PZAInvesco National AMT-Free Municipal Bond ETF | — | 0.28% | $4.1B | −8.0% | compare |
The largest other funds in the National Muni category.
Under the hood
fiscal year to Mar 31, 2026SEC census- Authorized participants
- 8 active of 21 with agreements; top 3 did 74%
- Created · redeemed
- $1.3B · $63M over the fiscal year
- Redemptions in kind
- 0% creations 6% in kind
- Creation unit
- 50,000 shares
- Securities lending
- not authorized
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-20
Holdings
1453
AUM
$2.3B
Provider
Franklin
Inception
2017-08-31
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.30%
Dividend Yield
4.19%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-06 | $0.0906 | CD |
| 2026-09-01 | 2026-09-04 | $0.0796 | CD |
| 2026-08-03 | 2026-08-06 | $0.0942 | CD |
| 2026-07-01 | 2026-07-07 | $0.0866 | CD |
| 2026-06-01 | 2026-06-04 | $0.0825 | CD |
| 2026-05-01 | 2026-05-06 | $0.0889 | CD |
Asset Allocation
Top Holdings
top 50 of 1453 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | KY PUB ENERGY AUTH 5 6/34 | 2.88% | Municipal Bond | — |
| — | BLACK BELT ENERGY 5 10/35 | 2.07% | Municipal Bond | — |
| — | TX MUNI GAS ACQ V 5 4/36 | 1.94% | Municipal Bond | — |
| — | BLACK BELT-SER- FRN 11/56 | 1.92% | Municipal Bond | — |
| — | SE ENERGY AUTH-A 5 11/35 | 1.68% | Municipal Bond | — |
| — | ENERGY SOUTHEA 5.25 11/37 | 1.63% | Municipal Bond | — |
| — | S E ENERGY AUTH- FRN 1/56 | 1.62% | Municipal Bond | US |
| — | KENTUCKY PUB ENGY 5 12/33 | 1.54% | Municipal Bond | US |
| — | S E ENERGY AUTH- FRN 3/55 | 1.43% | Municipal Bond | US |
| — | TX MUNI GAS ACQ VI 5 1/36 | 1.32% | Municipal Bond | — |
| — | MET PIER & EXPOSI 4 12/42 | 1.20% | Municipal Bond | US |
| — | KY PUB ENERGY AUTH 5 5/36 | 1.01% | Municipal Bond | US |
| — | ENERGY SOUTHEAST-A 5 4/34 | 0.99% | Municipal Bond | — |
| — | ROCHESTER-SER D FRN 11/64 | 0.93% | Municipal Bond | — |
| — | PA INDL AUTH HOS FRN 7/54 | 0.77% | Municipal Bond | — |
| — | EL PASO CO HOSP 5.5 2/50 | 0.71% | Municipal Bond | — |
| — | OH AIR QLTY DEV 4.25 1/38 | 0.67% | Municipal Bond | — |
| — | HOUSTON-B-AMT-RE 5.5 7/39 | 0.63% | Municipal Bond | — |
| — | CHICAGO-B-REF-AM 5.5 1/48 | 0.63% | Municipal Bond | — |
| — | PROJECTNEW YORK T 5 10/40 | 0.62% | Municipal Bond | US |
| — | PHILIDELPHIA AUT FRN 7/54 | 0.61% | Municipal Bond | — |
| — | CHICAGO - SER A 5.5 1/40 | 0.52% | Municipal Bond | — |
| — | DASNY-A-GROUP 3 5 3/48 | 0.51% | Municipal Bond | — |
| — | CHICAGO BOE-A 5.25 12/35 | 0.42% | Municipal Bond | — |
| — | ROSWELL GA DEV A FRN 4/47 | 0.42% | Municipal Bond | — |
| — | CHICAGO -A-AMT 4.5 1/48 | 0.41% | Municipal Bond | — |
| — | CHICAGO BRD ED- 5.5 12/45 | 0.41% | Municipal Bond | — |
| — | SC JOBS-ECON DEV- 4 11/42 | 0.40% | Municipal Bond | — |
| — | FW SKYLINE PUB 4.25 4/39 | 0.40% | Municipal Bond | — |
| — | CHICAGO BOE 5.75 4/48 | 0.40% | Municipal Bond | — |
| — | CA CMNTY CHOICE FRN 1/54 | 0.39% | Municipal Bond | — |
| — | MICHIGAN FIN AUT 5.5 2/49 | 0.39% | Municipal Bond | — |
| — | NEW YORK ST TRA 5.25 6/49 | 0.37% | Municipal Bond | — |
| — | ILLINOIS ST-B 5.25 5/48 | 0.35% | Municipal Bond | US |
| — | OMNI REDEV DT-A- 5.5 6/47 | 0.35% | Municipal Bond | — |
| — | GREEN LAKE ECON- FRN 6/34 | 0.34% | Municipal Bond | — |
| — | HOUSTON-B-AMT-RE 5.5 7/38 | 0.33% | Municipal Bond | US |
| — | CALIFORNIA CMNTY H 5 8/50 | 0.33% | Municipal Bond | — |
| — | CHICAGO BOE 5 4/45 | 0.32% | Municipal Bond | — |
| — | HILLSBOROUGH IN FRN 11/42 | 0.32% | Municipal Bond | — |
| — | GRND CANYON U 5.125 10/28 | 0.32% | Corporate Bond | US |
| — | CO HLTH FACS AUT FRN 5/64 | 0.32% | Municipal Bond | — |
| — | TEXAS MUNI GAS 5.25 3/37 | 0.30% | Municipal Bond | — |
| — | IN FIN AUTH-A-R 5.25 3/45 | 0.30% | Municipal Bond | — |
| — | NJ TRANSPRTN TR 4.25 6/40 | 0.30% | Municipal Bond | US |
| — | TX MUNI GAS ACQ 5.25 4/35 | 0.29% | Municipal Bond | — |
| — | CMFA SPL FIN AGY 7 4 8/47 | 0.29% | Municipal Bond | — |
| — | MI HSG ST DEV A 4.5 12/41 | 0.29% | Municipal Bond | — |
| — | NTHP LAKEWEST 4.625 5/41 | 0.29% | Municipal Bond | — |
| — | CSCDA COMM IMP AUT 5 7/51 | 0.28% | Municipal Bond | — |
Non-Equity Breakdown
Franklin Dynamic Municipal Bond ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-27)
Net assets:
$2.30B
· 1337 total positions
· equity 0.00%
· non-equity 99.91%
Non-equity holdings
— 1336 positions,
99.91% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Municipal | 99.59% | $2.29B | 1335 |
| Corporate | 0.32% | $7.4M | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.93% | -2.82% | 2.86% | 0.52% | 0.16% | 0.88% | 0.42% |
| Feb | -1.63% | -0.85% | -2.46% | -0.25% | 1.39% | 1.56% | -0.37% |
| Mar | 0.42% | -3.76% | 1.92% | 0.88% | -1.49% | -2.05% | -0.68% |
| Apr | 1.10% | -2.99% | 0.27% | -0.53% | -0.78% | 0.97% | -0.33% |
| May | 0.51% | 0.92% | -0.10% | 0.44% | 0.00% | 0.68% | 0.41% |
| Jun | 0.41% | -1.82% | 0.50% | 1.16% | 0.92% | 0.68% | 0.31% |
| Jul | 0.76% | 2.53% | 0.50% | 1.28% | -0.79% | -1.64% | 0.44% |
| Aug | -0.35% | -2.14% | -0.82% | 0.73% | 0.17% | -0.33% | -0.46% |
| Sep | -1.22% | -3.75% | -2.34% | 1.13% | 2.87% | -3.91% | -1.20% |
| Oct | -0.45% | -0.86% | -0.79% | -1.20% | 1.01% | 1.33%* | -0.16% |
| Nov | 1.11% | 4.01% | 4.92% | 2.16% | 0.48% | -- | 2.54% |
| Dec | 0.09% | -0.34% | 2.32% | -1.67% | 0.06% | -- | 0.09% |
| Total | 1.65% | -11.54% | 6.73% | 4.68% | 4.00% | -1.96% | 0.59% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $23.38
SMA 50: $23.93
SMA 200: $24.72
Current: $23.67
EMA 12: $23.51
EMA 26: $23.59
MACD: -0.0751 | Signal: 0.0844
BEARISH
ADX (14): 35.93
TREND
+DI: 28.58
−DI: 24.48
Momentum Oscillators
RSI (14): 54.17
NEUTRAL
Stoch %K: 93.50
Stoch %D: 94.05
Williams %R: -4.55
Volume & Volatility
BB Upper: $23.73
BB Lower: $23.04
NEUTRAL
OBV: 25,391,650
Vol SMA 20: 2,434,212
Vol ROC: 48.29%
ATR: $0.13
True Range: $0.10
HV 20: 7.3%
HV 30: 7.1%
HV 60: 5.7%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report: FLMI
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
The stock price of FLMI has been trending sideways, with no clear direction. The recent news headlines suggest a neutral market narrative, which aligns with the technical analysis indicators.
Key Drivers and Primary Risks:
- Key drivers: Low volatility, positive beta relative to market
- Primary risks: High IV premium vs HV30, potential for higher yields to impact muni bond ETFs
Investment Thesis:
FLMI's performance is influenced by its low volatility and correlation with the broader market. The stock price may continue to trend sideways unless a catalyst emerges. Investors should consider this when evaluating FLMI as a portfolio addition.
Recent News Sentiment Impact:
The recent news headlines are neutral, which supports the overall assessment of a neutral market narrative.
Technical Analysis
Trend Direction: NEUTRAL (Short-term: Slight Uptrend, Medium-term: Sideways)
- Support/Resistance Levels: $24.54 (Lower Bollinger Band), $24.78 (Upper Bollinger Band)
- Momentum Signals:
- RSI interpretation: Neutral (37.84%)
- MACD signal: Bearish (Histogram -0.06)
- Bollinger Bands position: Neutral
- Volume Analysis: Volume SMA 20 is trending upwards, indicating increasing institutional interest
News & Sentiment Analysis
Recent Headlines Summary: Neutral news headlines from Seeking Alpha and Zacks Investment Research
Sentiment Assessment: NEUTRAL (Aggregate sentiment analysis)
Catalyst Identification: No specific earnings or product launch announcements in the recent news headlines
Market Narrative: The market narrative is neutral, with no significant news catalysts driving the stock price
Risk & Volatility Assessment
Beta Interpretation: Low risk relative to market (beta 0.08)
Volatility Regime: Low volatility regime, with a historical volatility of 3.2%
Options Market Signals:
- IV Premium vs HV30: Positive (implies richer than realized)
- Put/call ratios: No unusual activity
Downside Protection: Support levels at $24.54 and potential for higher yields to impact muni bond ETFs
Market Context & Positioning
Sector Performance: FLMI's performance is relative to the broader market, with no specific sector correlation
Institutional Activity: Volume SMA 20 suggests increasing institutional interest
Correlation Analysis: Correlation with SPY is relatively low (0.30)
Relative Valuation: The stock price is positioned within a trading range
Key Levels & Action Items
Critical Price Levels:
- Support at $24.54
- Resistance at $24.78
Breakout/Breakdown Levels: No specific levels to monitor, as the trend is neutral
Time-Sensitive Catalysts: No earnings or product launch announcements in the recent news headlines
Risk Management: Consider stop-loss levels and position sizing considerations based on market volatility
Generated
News
All FLMI news →
Zacks Investment ResearchT3·37mo ago
Zacks Investment ResearchT3·37mo ago
Seeking AlphaT3·37mo ago
FLMI Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.0914
Alpha: -6.62%
Correlation: 0.2979
R-Squared: 8.9%
Stock Volatility: 3.9%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
FLMI Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Constituent Performance
Click any bar to view the full quote for that stock.
Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|