Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
F/m Opportunistic Income ETF
$49.99+0.07 (+0.15%)
- 0.40%
- $46M
- 5.15%
- 0M sh
- $50.00
- low $49.80high $52.20
The ETF.net ZHOG Grade
C
Score 50 out of 100
- 83 of 117
Score 50 of 100 falls in the C 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.D37 out of 100Rank 68 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.B65 out of 100Rank 94 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A72 out of 100Rank 14 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C42 out of 100Rank 75 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D37 out of 100Rank 91 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C41 out of 100Rank 79 of 117
Our read on ZHOG
CA go-anywhere active bond fund in a corner of the market ruled by cheap index trackers: roughly 60 positions across corporate, muni, mortgage and preferred paper, held short in duration and investment grade on average, paying monthly.
The Fund seeks attractive income by identifying undervalued and opportunistic sectors and securities in U.S. fixed-income markets, while generally limiting duration and maintaining average investment-grade credit quality.
Why people hold it
- Genuinely active, not an index in disguise. The manager can roam investment-grade corporates, munis, high yield, government and agency paper, mortgage bonds and preferreds as opportunities shift.fminvest.com
- Two guardrails on the roaming: the fund generally limits duration and keeps average credit quality investment grade, a milder rate-risk profile than a full aggregate bond index fund.fminvest.com
- Income arrives monthly, and with about 60 positions the manager's calls actually show up in the portfolio instead of being diluted across thousands of bonds.
Worth knowing
- Flexibility costs: 0.40% a year, above the cohort median of 0.36% and more than ten times the 0.03% charged by index anchors like BND and SPAB.
- A small fund that trades thinly. Spreads tend to be wider than on the mega-cap bond trackers, so the order type you use matters more here.
- Short paper trail: it launched in 2023 and traded as XFIX until a January 2026 ticker change to ZHOG (same fund, same CUSIP), so older charts and data sit under the old symbol.fminvest.com
ZHOG Holdings
- Bonds
- 64
- 47%
- ZTRE
Geography
- United States100.00%
ZHOG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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ZHOG$9,994
Returns run to the Oct 12, 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 | ZHOG |
|---|---|
| Year to date | −0.1% |
| 1 month | −0.6% |
| 3 months | −1.2% |
| 1 year | — |
| 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 | ZHOG |
|---|---|---|
| 2026 YTD | −0.1% | |
| 2025 | +0.5% |
ZHOG in the news
ZHOG Dividends
- 5.15%
- $2.58
- $0.20 per share
- Monthly
Distribution history
ZHOG Risk
- —
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.
- —
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.
- —
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.
- 0.24
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
ZHOG Cost
0.40%
ZHOG0.40%
- The middle half of US Aggregate Bond funds
- Median 0.34%
71 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CFIXDFirst Trust Smith Opportunistic Fixed Income ETFExpense ratio 0.65%1 year return −2.5%
- CFIXTTCW Core Plus Bond ETFExpense ratio 0.40%1 year return −1.9%
- CMAGGMadison Aggregate Bond ETFExpense ratio 0.36%1 year return −2.1%
- CTABDTransamerica Bond Active ETFExpense ratio 0.57%1 year return —
- CJIIIJanus Henderson Income ETFExpense ratio 0.56%1 year return +1.9%