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Launched

Fidelity Systematic Municipal Bond Index ETF

FMUNNasdaqFidelityA

$48.78−0.02 (−0.05%)

At close: Nov 2, 2026, 4:00 PM ET

A74/ 100

Rank 11 of 63 in Other Municipal Bond

A74/100Rank 11 of 63inOther Municipal Bond
Intraday session: down, 79 prints from 48.81 to 48.78. Range 48.78 to 48.91. Use the arrow keys to read each point.48.8348.8548.8848.9010 AM12 PM2 PM4 PM
Expense ratio
0.05%
Fund size
$170M
1Y total return
+0.3%
Yield · Last 12 months
3.38%
Holdings
1220
Avg volume · 30D
17.6K sh
52W range
low $46.32high $51.25
Launched

The ETF.net FMUN Grade

A

Score 74 out of 100

Category
Other Municipal Bond⁠
Rank
11 of 63
Six-pillar profile for FMUN. Scores out of 100: Cost 95, Risk 39, Mission 91, Tradability 35, Holdings 87, Durability 60. Strongest: Cost (95). Weakest: Tradability (35). Leans toward Cost and Mission.

Score 74 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A95 out of 100
    Rank 3 of 63

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A91 out of 100
    Rank 28 of 59

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D39 out of 100
    Rank 50 of 63

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D35 out of 100
    Rank 46 of 63

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A87 out of 100
    Rank 4 of 63

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B60 out of 100
    Rank 29 of 63

Our read on FMUN

ETF.net Research

In short

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.

Stated mandate

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.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 Performance

Launched Jul 11, 2019

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
FMUN$10,033
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FMUN $10,033. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for FMUN. Periods over one year show the average yearly return.
PeriodFMUN
Year to date−0.1%
1 month+4.5%
3 months−0.1%
1 year+0.3%
3 yearsHistory unavailableper yearNo data
5 yearsHistory unavailableper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FMUN
YearReturn barFMUN
2026 YTD−0.1%
2025+6.8%

History from Apr 8, 2025

FMUN in the news

FMUN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.38%Last 12 months
Payout per share
$1.65Last 12 months
Upcoming payment
$0.13 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2025–2026

One bar per payment. 19 payments from 2025 to 2026 YTD. Apr 29, 2025 $0.11; May 29, 2025 $0.13; Jun 27, 2025 $0.13; Jul 30, 2025 $0.15; Aug 28, 2025 $0.14; Sep 29, 2025 $0.14; Oct 30, 2025 $0.14; Nov 26, 2025 $0.14; Dec 30, 2025 $0.14; Jan 29, 2026 $0.13; Feb 26, 2026 $0.13; Mar 30, 2026 $0.14; Apr 29, 2026 $0.14; May 28, 2026 $0.13; Jun 29, 2026 $0.14; Jul 30, 2026 $0.14; Aug 28, 2026 $0.14; Sep 29, 2026 $0.14; Oct 29, 2026 $0.13. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 29, 2026Pays Nov 2, 2026$0.13
Sep 29, 2026Oct 1, 2026$0.14
Aug 28, 2026Sep 1, 2026$0.14
Jul 30, 2026Aug 3, 2026$0.14
Jun 29, 2026Jul 1, 2026$0.14
May 28, 2026Jun 1, 2026$0.13
Apr 29, 2026May 1, 2026$0.14
Mar 30, 2026Apr 1, 2026$0.14
Feb 26, 2026Mar 2, 2026$0.13
Jan 29, 2026Feb 2, 2026$0.13
Dec 30, 2025Jan 2, 2026$0.14
Nov 26, 2025Dec 1, 2025$0.14

See all 19 payments⁠

$10,000 in FMUN 1 year ago paid $328 in dividends.⁠

FMUN Risk

Risk pillarD39 out of 100Rank 50 of 63 in Other Municipal Bond
How much the fund’s monthly returns vary, scaled to a year.
6.6%
Annualised · 18 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.05
vs 3-month T-bills · 18 months to Oct 2026
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.

The largest fall from a peak to the low that followed.
−7.3%
18 months · trough Sep 2026
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.

How strongly the fund’s returns move with its asset-class index.
1.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FMUN Cost

Compare FMUN and VTEB

Overpaying vs VTEB, tied cheapest in Other Municipal Bond

$422

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FMUN 0.05%

    $1,060

  • VTEB 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • FMUN 0.05%
  • VTEB 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$250$500$750$1K$1.25K051015202530FMUN $1,060VTEB $638

Year by year

YearFMUNVTEBOverpaying
10$92$55$37
20$360$216$144
30$1,060$638$422

Other funds in Other Municipal Bond

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