---
ticker: "ZMUN"
name: "F/m Ultrashort Tax-Free Municipal ETF"
url: "https://etf.net/etf/ZMUN"
grade: "C"
score: 51
graded_at: "2026-10-12"
category: "Short-Duration Municipal Bonds"
category_rank: "24 of 28"
methodology: "https://etf.net/methodology"
---

# ZMUN: F/m Ultrashort Tax-Free Municipal ETF

Grade **C**, Score 51 of 100. Rank 24 of 28 in Short-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 19 | 23 of 28 |
| Mission | 100 | 1 of 27 |
| Risk | 68 | 4 of 27 |
| Tradability | 40 | 18 of 28 |
| Holdings | 38 | 20 of 28 |
| Durability | 29 | 23 of 28 |

## Top holdings

The fund holds 165 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | South Dakota Health & Educational Facilities Authority 4% 11/01/2034 | 2.78% |
| 2 | — | New York State Dormitory Authority 5% 02/15/2030 | 2.74% |
| 3 | — | Cash & Other | 2.47% |
| 4 | — | University of Kentucky 4% 10/01/2032 | 2.05% |
| 5 | — | Illinois Finance Authority 5% 11/15/2028 | 1.73% |
| 6 | — | State of Illinois 5% 01/01/2027 | 1.73% |
| 7 | — | Metropolitan Transportation Authority 5% 11/15/2037 | 1.56% |
| 8 | — | California Health Facilities Financing Authority 5% 08/15/2027 | 1.51% |
| 9 | — | King County School District No 411 Issaquah 5% 12/01/2032 | 1.50% |
| 10 | — | Metropolitan Transportation Authority Dedicated Tax Fund 5.25% 11/15/2031 | 1.44% |
| 11 | — | New Brunswick Parking Authority 5% 09/01/2028 | 1.44% |
| 12 | — | New Jersey Transportation Trust Fund Authority 5% 06/15/2027 | 1.44% |
| 13 | — | Metropolitan Transportation Authority 5% 11/15/2031 | 1.44% |
| 14 | — | West Virginia Economic Development Authority 5% 06/01/2027 | 1.44% |
| 15 | — | Pennsylvania Economic Development Financing Authority 5% 03/15/2031 | 1.44% |
| 16 | — | Sedgwick County Unified School District No 260 Derby 4% 10/01/2029 | 1.44% |
| 17 | — | County of Miami-Dade FL Transit System 4% 07/01/2032 | 1.41% |
| 18 | — | City of Houston TX Combined Utility System Revenue 4% 11/15/2033 | 1.40% |
| 19 | — | Wisconsin Health & Educational Facilities Authority 4% 11/15/2036 | 1.34% |
| 20 | — | Metropolitan Transportation Authority 5% 11/15/2031 | 1.30% |
| 21 | — | Commonwealth of Pennsylvania 5% 09/15/2028 | 1.27% |
| 22 | — | State of Nevada Highway Improvement Revenue 5% 12/01/2027 | 1.23% |
| 23 | — | County of Harris TX 5% 08/15/2033 | 1.22% |
| 24 | — | State of California 5% 08/01/2028 | 1.20% |
| 25 | — | State of Illinois 5% 11/01/2027 | 1.20% |
| 26 | — | Maricopa County Industrial Development Authority 5% 07/01/2036 | 1.15% |
| 27 | — | State Public School Building Authority 5% 06/01/2032 | 1.12% |
| 28 | — | Illinois Finance Authority 5% 03/01/2030 | 1.08% |
| 29 | — | New Jersey Educational Facilities Authority 5% 07/01/2030 | 1.07% |
| 30 | — | State of Illinois 5% 11/01/2030 | 1.05% |

Source: etf.net, https://etf.net/etf/ZMUN. Please cite the page URL.