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ZMUN

GradeCNASDAQ Global Market

F/m Ultrashort Tax-Free Municipal ETF

Municipal Bond · F/m · Inception 2025-09-30

$49.74−0.10 (−0.19%)

As of Sep 23, 2026, 1:53 PM EDT

History starts Sep 30, 2025.History starts Sep 30, 2025.
Intraday session: down, 11 prints from 49.84 to 49.74. Range 49.74 to 49.84. Use the arrow keys to read each point.$49.76$49.80$49.8410 AM12 PM2 PM4 PM
Expense ratio
0.30%
Fund size
$34M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
171
Volume · 30D
0M sh
NAV per share
$49.78
52W range
low $49.77high $50.51

The ETF.net ZMUN Grade

C

52/ 100

Rank 24 of 28 in Short-Duration Municipal Bonds⁠

Confidence High

Six-pillar profile for ZMUN. Scores out of 100: Cost 19, Risk 76, Mission 100, Tradability 33, Holdings 42, Durability 29. Strongest: Mission (100). Weakest: Cost (19). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 52 of 100 sits in the C 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.
    FScore 19
    Category rank23/28 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank27/27 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 76
    Category rank2/27 · top 7%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 33
    Category rank21/28 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 42
    Category rank18/28 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 29
    Category rank23/28 · bottom quartile

Graded as of Sep 22, 2026

Our read on ZMUN

ETF.net Research

CThe first ETF built purely on callable munis, tracking an index F/m co-developed with Bloomberg. It buys investment-grade tax-exempt bonds already callable or callable within three months, which keeps the maturity clock very short.

Stated mandate

The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg Municipal Bond Currently Callable Index. It uses a passive representative-sampling approach focused on U.S. tax-exempt investment-grade municipal bonds that are currently callable or callable within three months.

Why people hold it

  1. 01A corner of the muni market nobody else had packaged: F/m calls it the first ETF dedicated to callable municipal bonds, on an index built with Bloomberg.fminvest.com
  2. 02The mechanism is the point: bonds callable now or within three months act like ultrashort paper, so price moves from rate swings tend to be muted.
  3. 03Interest is exempt from federal tax and, for some holders, certain state taxes. Spread across roughly 170 investment-grade issues, with cash paid monthly.
  4. 04No style drift: it is a passive representative-sampling fund, and the portfolio it holds matches the mandate written in its prospectus.

Worth knowing

  1. 010.30% a year sits above the short-muni group's 0.25% median, and far above the index giants VTES (0.05%) and SUB (0.07%).
  2. 02Callability cuts both ways: issuers can redeem these bonds at their option, capping price upside and forcing reinvestment at whatever rates exist that day.fminvest.com
  3. 03A 2025 launch that is still small and thinly traded. Short track record, and limit orders are the sane way in and out.

ZMUN Holdings

As of Sep 20, 2026, 4:12 AM
Asset class
Bonds
Holdings
171
Top-10 weight
19%
Largest holding
South Dakota Health & Educational Facilities Authority 4% 11/01/20342.8%
The fund’s holdings, weight-ordered — page 1 of 12.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—South Dakota Health & Educational Facilities Authority 4% 11/01/20342.84%0$968K1
002—New York State Dormitory Authority 5% 02/15/20302.79%0$951K1
003—University of Kentucky 4% 10/01/20322.12%0$723K2
004—Lincoln County Consolidated School District No 207 Davenport 4% 12/01/20272.11%0$721K1
005—State of Illinois 5% 01/01/20271.76%0$601K2
006—Metropolitan Transportation Authority 5% 11/15/20371.57%0$534K5
007—California Health Facilities Financing Authority 5% 08/15/20271.54%0$526K1
008—Metropolitan Transportation Authority Dedicated Tax Fund 5.25% 11/15/20311.47%0$501K3
009—Metropolitan Transportation Authority 5% 11/15/20311.47%0$501K5
010—New Jersey Transportation Trust Fund Authority 5% 06/15/20271.47%0$501K6
011—New Brunswick Parking Authority 5% 09/01/20281.47%0$501K1
012—West Virginia Economic Development Authority 5% 06/01/20271.47%0$500K1
013—Pennsylvania Economic Development Financing Authority 5% 03/15/20311.47%0$500K1
014—Sedgwick County Unified School District No 260 Derby 4% 10/01/20291.47%0$500K1
015—County of Miami-Dade FL Transit System 4% 07/01/20321.46%0$498K2

Showing 1–15 of 170 holdings

ZMUN Performance

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

ZMUN$10,205
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. ZMUN $10,205. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

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.

Trailing total return for ZMUN. Periods over one year show the average yearly return.
PeriodZMUN
Year to date+2.1%
1 month−0.2%
3 months+0.3%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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 ZMUN
YearReturn barZMUN
2026 YTD+2.1%
2025+0.7%

Since listing, Sep 30, 2025

ZMUN in the news

ETF.net Research hasn’t filed on ZMUN yet — coverage lands here as it’s written.

ZMUN 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 Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.17 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 11 payments from 2025 to 2026 YTD. Oct 30, 2025 $0.07; Nov 26, 2025 $0.13; Dec 30, 2025 $0.16; Jan 29, 2026 $0.16; Feb 26, 2026 $0.16; Mar 30, 2026 $0.16; Apr 28, 2026 $0.16; May 28, 2026 $0.16; Jun 29, 2026 $0.16; Jul 28, 2026 $0.16; Aug 27, 2026 $0.17. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Aug 27, 2026Aug 28, 2026$0.17
Jul 28, 2026Jul 29, 2026$0.16
Jun 29, 2026Jun 30, 2026$0.16
May 28, 2026May 29, 2026$0.16
Apr 28, 2026Apr 29, 2026$0.16
Mar 30, 2026Mar 31, 2026$0.16
Feb 26, 2026Feb 27, 2026$0.16
Jan 29, 2026Jan 30, 2026$0.16
Dec 30, 2025Dec 31, 2025$0.16
Nov 26, 2025Nov 28, 2025$0.13
Oct 30, 2025Oct 31, 2025$0.07

ZMUN Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Sep 2025; fills in after 12 months
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.
—
Launched Sep 2025; fills in after 12 months
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.
—
Launched Sep 2025; fills in after 12 months
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.
−0.004
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.

ZMUN Cost

Expense ratio0.30%
  • The middle half of Short-Duration Municipal Bonds funds
  • Median 0.25%

21 of the 27 Short-Duration Municipal Bonds funds charge less.

ZMUN costs $30.00 a year on $10,000. The median Short-Duration Municipal Bonds fund costs $25.00.