ETF Evaluator:
Franklin Pennsylvania Municipal Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni Pennsylvania Over the Last Year
| 7.1% | Muni Pennsylvania () |
| 7.1% | Franklin Pennsylvania Municipal Inc ETF (FTPA) |
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ETF Details
Franklin Pennsylvania Municipal Inc ETF Overview
Franklin Pennsylvania Municipal Inc ETF (FTPA) is an actively managed Municipal Bond Muni Pennsylvania exchange-traded fund (ETF). Franklin Templeton Investments launched the ETF in 2018.
The investment seeks as high a level of current income exempt from federal income tax and Pennsylvania personal income tax as the advisor believes is consistent with preservation of capital.
The fund invests mainly in bonds that pay interest that is exempt from federal income tax and Pennsylvania personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). It invests at least 80% of the fund's net assets in tax-exempt investments.
About Franklin Pennsylvania Municipal Inc ETF (FTPA)
There are 4 members of the management team with an average tenure of 3.77 years: Michael Conn (2024), John Bonelli (2024), Garrett Hamilton (2016) and Christopher Sperry (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Franklin Pennsylvania Municipal Inc ETF has 108 securities in its portfolio. The top 10 holdings constitute 22.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Franklin Pennsylvania Municipal Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Franklin Pennsylvania Municipal Inc ETF has 3.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.5% (90.1% domestic bond, 3.3% foreign bond and 0.0% convertible bond). Franklin Pennsylvania Municipal Inc ETF has 6.5% of the portfolio in cash.
Assets Under Management
The fund has $97 million in total assets, which is above the $97 million average for the Muni Pennsylvania category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FTPA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin Pennsylvania Municipal Inc ETF expense ratio is below average compared to funds in the Muni Pennsylvania category. Franklin Pennsylvania Municipal Inc ETF has an expense ratio of 0.35%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin Pennsylvania Municipal Inc ETF has a portfolio turnover rate of 35%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni Pennsylvania category.
Recently, in the month of July 2026, Franklin Pennsylvania Municipal Inc ETF returned -2.0%, which earned it a grade of A, as the Muni Pennsylvania category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Franklin Pennsylvania Municipal Inc ETF has a trailing yield of 3.44%, which is equal to the 3.44% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin Pennsylvania Municipal Inc ETF Grades
Year to date, the ETF has returned 1.0%, 0.0 percentage points equal to the category, which translates into a grade of C. The fund has returned 7.1% over the past year (grade of C), 3.8% over the past three years (grade of C) and 0.6% per year over the past five years (grade of C) and 2.0% per year over the past 10 years (grade of A).
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FTPA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FTPA Return (NAV) | -2.0% | -0.4% | 7.1% | 3.8% | 0.6% | 2.0% |
| FTPA Return (Price) | -2.0% | -0.4% | 7.1% | 3.8% | 0.6% | na |
| NAV +/- Price Return | -0.075% | 0.073% | -0.033% | -0.011% | -0.006% | na |
| Muni Pennsylvania Avg | -2.0% | -0.4% | 7.1% | 3.8% | 0.6% | 2.0% |
| FTPA Grade (NAV) | C | C | C | C | C | C |
| +/- Category (NAV) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| FTPA Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FTPA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FTPA Return (NAV) | 1.0% | 3.8% | 2.9% | 6.2% | -9.7% | 2.5% | 5.5% | 7.4% | 0.6% | 4.8% | 0.4% |
| FTPA Return (Price) | 1.1% | 3.7% | 2.9% | 6.2% | -9.7% | 2.5% | 5.5% | 7.4% | na | na | na |
| NAV +/- Price Ret | 0.096% | -0.018% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | na | na | na |
| Muni Pennsylvania Avg | 1.0% | 3.8% | 2.9% | 6.2% | -9.7% | 2.5% | 5.5% | 7.4% | 0.6% | 4.8% | 0.4% |
| FTPA Grade (NAV) | C | C | C | C | C | C | C | C | C | C | C |
| +/- Category | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Risk Measures | |
| Beta: | 1.14 |
| R-Squared: | 97% |
| Standard Deviation: | 6.6% |
| Category Risk Index: | 1.00 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.54 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 97 Mil |
| Share Class Assets: | $ 97 Mil |
| Turnover: | 35.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 9.6 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Hamilton Garrett (2016), Sperry Christopher (2024), Conn Michael (2024), Bonelli John (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 108 |
| % in Top 10 Holdings: | 22.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.1% |
| Foreign Bond: | 3.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | |
| Inception Date: | May 22, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.35% |
