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Launched

F/m Ultrashort Tax-Free Municipal ETF

ZMUNNasdaqF/mC

$49.84−0.02 (−0.04%)

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

C52/ 100

Rank 24 of 28 in Short-Duration Municipal Bonds

C52/100Rank 24 of 28inShort-Duration Municipal Bonds
Intraday session: down, 79 prints from 49.86 to 49.84. Range 49.83 to 49.87. Use the arrow keys to read each point.49.8349.8549.8710 AM12 PM2 PM4 PM
Expense ratio
0.30%
Fund size
$37M
1Y total return
+3.3%
Yield · Last 12 months
3.79%
Holdings
164
Avg volume · 30D
6.21K sh
52W range
low $49.32high $50.51
Launched

The ETF.net ZMUN Grade

C

Score 52 out of 100

Category
Short-Duration Municipal Bonds⁠
Rank
24 of 28
Six-pillar profile for ZMUN. Scores out of 100: Cost 19, Risk 71, Mission 100, Tradability 46, Holdings 32, Durability 29. Strongest: Mission (100). Weakest: Cost (19). Leans toward Mission.

Score 52 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 100
    Rank 23 of 28

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 27

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A71 out of 100
    Rank 1 of 27

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C46 out of 100
    Rank 16 of 28

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D32 out of 100
    Rank 24 of 28

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D29 out of 100
    Rank 23 of 28

Our read on ZMUN

ETF.net Research

In short

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

  • 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 Performance

Launched Sep 30, 2025

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$10,331
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. ZMUN $10,331. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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+2.7%
1 month+1.0%
3 months+0.6%
1 year+3.3%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper 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 ZMUN
YearReturn barZMUN
2026 YTD+2.7%
2025+0.7%

Since listing, Sep 30, 2025

ZMUN in the news

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 Nov 2, 2026.
3.79%Last 12 months
Payout per share
$1.89Last 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 history

2025–2026

One bar per payment. 13 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; Sep 28, 2026 $0.17; Oct 27, 2026 $0.17. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 27, 2026Oct 28, 2026$0.17
Sep 28, 2026Sep 29, 2026$0.17
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

See all 13 payments⁠

$10,000 in ZMUN 1 year ago paid $377 in dividends.⁠

ZMUN Risk

Risk pillarA71 out of 100Rank 1 of 27 in Short-Duration Municipal Bonds
How much the fund’s monthly returns vary, scaled to a year.
1.6%
Annualised · 13 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.
−0.35
vs 3-month T-bills · 13 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.
−1.0%
13 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.
−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.

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

ZMUN Cost

Compare ZMUN and VTES

Overpaying vs VTES, tied cheapest in Short-Duration Municipal Bonds

$5,089

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

  • ZMUN 0.30%

    $6,149

  • VTES 0.05% Tied cheapest

    $1,060

$10,000
30 years

Cost over time

  • ZMUN 0.30%
  • VTES 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530ZMUN $6,149VTES $1,060

Year by year

YearZMUNVTESOverpaying
10$545$92$453
20$2,113$360$1,753
30$6,149$1,060$5,089

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