F/m Ultrashort Tax-Free Municipal ETF
$49.67+0.09 (+0.18%)
- 0.30%
- $35M
- +2.6%
- 0M sh
- $49.59
- low $49.32high $50.51
The ETF.net ZMUN Grade
C
Score 51 out of 100
- 24 of 28
Score 51 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.F19 out of 100Rank 23 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B68 out of 100Rank 4 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C40 out of 100Rank 18 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D38 out of 100Rank 20 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D29 out of 100Rank 23 of 28
Our read on ZMUN
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.
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
- A 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
- The 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.
- Interest is exempt from federal tax and, for some holders, certain state taxes. Spread across roughly 170 investment-grade issues, with cash paid monthly.
- No style drift: it is a passive representative-sampling fund, and the portfolio it holds matches the mandate written in its prospectus.
Worth knowing
- 0.30% 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%).
- Callability 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
- A 2025 launch that is still small and thinly traded. Short track record, and limit orders are the sane way in and out.
ZMUN Holdings
- Bonds
- 165
- 20%
- South Dakota Health & Educational Facilities Authority 4% 11/01/2034
ZMUN Performance
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.
ZMUN$10,261
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 | ZMUN |
|---|---|
| Year to date | +1.9% |
| 1 month | −0.2% |
| 3 months | 0.0% |
| 1 year | +2.6% |
| 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 | ZMUN |
|---|---|---|
| 2026 YTD | +1.9% | |
| 2025 | +0.7% |
ZMUN in the news
ZMUN Dividends
- $0.17 per share
- Monthly
Distribution data unavailable.
Distribution history
ZMUN Risk
- 1.1%
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.
- −1.41
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.
- −1.0%
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.
- −0.004
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
0.30%
ZMUN0.30%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
21 of the 27 Short-Duration Municipal Bonds funds charge less.
Other funds in Short-Duration Municipal Bonds
- BPVIInvesco Floating Rate Municipal Income ETFExpense ratio 0.25%1 year return +2.2%
- CTAXXBondBloxx IR+M Tax-Aware Short Duration ETFExpense ratio 0.35%1 year return +1.5%
- CBKMSBNY Mellon Municipal Short Duration ETFExpense ratio 0.35%1 year return —
- CSTAXNomura Tax-Free USA Short Term ETFExpense ratio 0.29%1 year return +0.1%
- CAMUNabrdn Ultra Short Municipal Income Active ETFExpense ratio 0.74%1 year return —