Fidelity Systematic Municipal Bond Index ETF
$47.45−0.58 (−1.21%)
- Expense ratio
- 0.05%
- Fund size
- $180M
- 1Y return
- −0.7%
- Yield · Last 12 months
- 3.44%
- Holdings
- 1159
- Volume · 30D
- 0M sh
- NAV per share
- $48.19
- 52W range
The ETF.net FMUN Grade
Score 73 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 95Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 85Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 55Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 29Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 85Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 61Category rank
Our read on FMUN
AFidelity's muni index fund runs on its own rules-based benchmark and charges 0.05% a year, a fraction of what the typical muni fund costs. Roughly 1,200 bonds, monthly payouts, all pointed at income the federal government doesn't tax.
The fund seeks high current income that is exempt from federal income tax. It normally invests at least 80% of assets in municipal securities whose interest is federally tax-exempt.
Why people hold it
- 0.05% a year against a roughly 0.30% median for muni bond funds. On tax-exempt income, that gap is the part you keep.
- Roughly 1,200 municipal bonds, so no single issuer or project carries the portfolio.
- Pays monthly, with at least 80% of assets in municipal securities whose interest is exempt from federal income tax.
- One of the stronger builds in the muni ETF group: passive, broad, and squarely inside its stated mandate.
Worth knowing
- Thinly traded and modest in size next to the category's giants, so bid-ask spreads can run wider.
- The benchmark is Fidelity's own Systematic U.S. Municipal Bond Index, not a licensed outside yardstick.institutional.fidelity.com
- Muni prices move with interest rates, and the tax break targeted here is federal. State-specific relief is a different product, like NYF for New York.
FMUN Holdings
- Bonds
- 1,159
- 8%
- CALIFORNIA CMY 5% 12/1/32MT 55
Geography
- United States100.00%
FMUN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FMUN |
|---|---|
| Year to date | −2.3% |
| 1 month | −2.9% |
| 3 months | −3.7% |
| 1 year | −0.7% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FMUN |
|---|---|---|
| 2026 YTD | −2.3% | |
| 2025 | +6.8% |
FMUN in the news
ETF.net Research hasn’t filed on FMUN yet — coverage lands here as it’s written.
FMUN Dividends
- 3.44%
- $1.65
- $0.14 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 28, 2026 | Sep 1, 2026 | $0.14 |
| Jul 30, 2026 | Aug 3, 2026 | $0.14 |
| Jun 29, 2026 | Jul 1, 2026 | $0.14 |
| May 28, 2026 | Jun 1, 2026 | $0.13 |
| Apr 29, 2026 | May 1, 2026 | $0.14 |
| Mar 30, 2026 | Apr 1, 2026 | $0.14 |
| Feb 26, 2026 | Mar 2, 2026 | $0.13 |
| Jan 29, 2026 | Feb 2, 2026 | $0.13 |
| Dec 30, 2025 | Jan 2, 2026 | $0.14 |
| Nov 26, 2025 | Dec 1, 2025 | $0.14 |
| Oct 30, 2025 | Nov 3, 2025 | $0.14 |
| Sep 29, 2025 | Oct 1, 2025 | $0.14 |
FMUN Risk
- 4.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.04
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −4.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.03
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMUN Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
2 of the 62 Other Municipal Bond funds charge less.