PVIvsFLMIETF Comparison
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Invesco VRDO Tax-Free ETF (PVI) and Franklin Dynamic Municipal Bond ETF (FLMI) belong to the same industry segment: Municipal Bonds. PVI's top 1 sector exposures are Municipal. In contrast, FLMI's top sector exposures are Municipal, Consumer Services and Healthcare. PVI is less expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.3% for FLMI. PVI is up 1.55% year-to-date (YTD) with +$4M in YTD flows. FLMI performs worse with -4.5% YTD performance, and +$1.09B in YTD flows. Run a side-by-side ETF comparison of PVI and FLMI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PVI vs FLMI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PVI FLMI | +0.22%-1.00% | +0.58%-5.20% | +1.55%-4.50% | +2.10%-4.32% | +7.49%+12.42% | +10.52%-1.40% |
| Flows | PVI FLMI | +$4M-$38M | +$2M+$143M | +$4M+$1.09B | +$2M+$1.40B | -$5M+$2.28B | -$16M+$2.36B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PVI FLMI | +0.09%+5.82% | +0.15%+3.69% | +0.13%+3.92% | +0.14%+3.82% |
| Max drawdown | PVI FLMI | n/a-7.22% | n/a-8.90% | n/a-8.90% | -0.06%-16.26% |
| Max drawdown duration | PVI FLMI | n/a92d | n/a229d | n/a229d | 231d1340d |
Trading data
PVI | FLMI | |
Last sale 10/16/2026 at 1:30 PM | $24.97 | $23.62 |
| Previous close 10/15/2026 | $24.93 | $23.61 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 18, 2026
1-year trailing difference
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FLMI
is actively managed and doesn’t replicate an indexPVI | FLMI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
PVI | FLMI | |
|---|---|---|
| Last price | $24.97 | $23.62 |
| 1D performance | +0.16% | +0.04% |
| AuM | $34.80 M | $2.31 B |
| E/R | 0.25% | 0.3% |
Characteristics
PVI | FLMI | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Franklin Templeton |
| Benchmark | ICE US Municipal AMT-Free VRDO Constrained Index | - |
| N° of holdings | 45 | 214 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2007 | August 31, 2017 |
| ESG | No | No |
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Exposure
Countries
PVI
USA
37.15%
Other
62.85%
FLMI
USA
38.36%
Other
61.64%
Sectors
PVI
Municipal
37.15%
Other
62.85%
FLMI
Municipal
38.03%
Other
61.97%
Diversification
PVI
Total weight of top 15 holdings out of 15
33.14%
FLMI
Total weight of top 15 holdings out of 15
19.5%
Top 15 holdings
Data as of August 31, 2026
PVI
US64972GAS30
4.45%
US64966TAF12
3.88%
Texas, FRN 1jun2046, USD (2015B)
2.95%
US20775HDU41
2.28%
New York Transitional Finance Authority, FRN 1nov2036, USD
2.27%
Florida Keys Aqueduct Authority, FRN 1sep2035, USD (2008)
2.27%
US45200FFS39
2.17%
New York Metropolitan Transportation Authority, FRN 1nov2032, USD (2012G-2)
1.94%
US44244CN944
1.62%
Texas State University, FRN 1aug2039, USD (2008B)
1.62%
US405815HE45
1.62%
West Palm Beach, FRN 1oct2038, USD (2008C)
1.62%
US072024YE64
1.62%
City of New York, 0% 15sep2006, USD (2029-SER, 2738D)
1.55%
New York Transitional Finance Authority, FRN 1aug2042, USD
1.30%
FLMI
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
2.08%
Southeast Energy Authority, 5% 1nov2035, USD (2024A)
1.67%
Kentucky Public Energy Authority, 5% 1may2036, USD (2025)
1.66%
Southeast Energy Authority, 5% 1jan2056, USD (2025A)
1.56%
California Community Choice Financing Authority, 5% 1mar2036, USD (2026B)
1.53%
Kentucky Public Energy Authority, 5% 1dec2033, USD (2025)
1.51%
US09182TGL52
1.44%
Kentucky Public Energy Authority, 5% 1jun2034, USD (2026)
1.33%
US592250EW01
1.21%
US771902HS55
1.09%
Texas Municipal Gas Acquisition and Supply Corp., 5% 1apr2036, USD (2026)
0.96%
US292723DZ39
0.93%
US717901CC45
0.89%
US60637AFM99
0.85%
Southeast Energy Authority, 5% 1nov2035, USD (2025H)
0.80%
Frequently asked questions about PVI and FLMI
How have the PVI and FLMI ETFs performed in 2026?
As of October 16, 2026, PVI is up 1.55% year-to-date (YTD), while FLMI has lost -4.5%. That puts PVI better performer ahead so far this year.
Which ETF is attracting more investor money: PVI or FLMI?
Year-to-date, the PVI ETF saw +$4M in flows, compared to +$1.09B for FLMI.
Which ETF is more volatile: PVI or FLMI?
Over the past year, PVI had a volatility of 0.15%, while FLMI experienced 3.69%.
Which ETF is bigger: PVI or FLMI?
As of October 16, 2026, PVI holds $34.80 M in assets under management (AUM), while FLMI manages $2.31 B.
What sectors do the PVI and FLMI ETFs invest in?
PVI leans toward sectors like Municipal. Meanwhile, FLMI focuses on Municipal.
What are the top holdings of the PVI ETF and FLMI ETF?
PVI top holdings include US64972GAS30, US64966TAF12 and Texas, FRN 1jun2046, USD (2015B). FLMI holds in its top three: Black Belt Energy Gas District, 5% 1oct2035, USD (2025), Southeast Energy Authority, 5% 1nov2035, USD (2024A) and Kentucky Public Energy Authority, 5% 1may2036, USD (2025).
Which ETF is more diversified: PVI or FLMI?
PVI holds 150 securities with 33.14% of its assets in the top 15. FLMI has 1414 securities and a top 15 weight of 19.5%.
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