CGHM vs FMUB: Grades, Fees and Holdings Compared

Capital Group Municipal High-Income ETF

CGHMANYSE Arca

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Overlap

No data

Expense ratio

FMUB −0.04pt a year

CGHM0.34%FMUB0.30%

Avg volume · 30D

CGHM 8.9×the volume

CGHM865KFMUB97.3K

CGHM vs FMUB Performance

Oct 31, 2025 – Oct 30, 2026

+1.3%CGHM+1.1%FMUB

Expense ratio: CGHM 0.34%; FMUB 0.30%, better
Fund size: CGHM $3.73B; FMUB $246M
1Y total return: CGHM +1.3%, better; FMUB +1.1%
Yield (12M): CGHM 4.73%, better; FMUB 3.58%
Holdings: CGHM 3766; FMUB 702
Avg volume (30D): CGHM 865K sh, better; FMUB 97.3K sh
NAV per share: CGHM $24.72; FMUB $49.75
52W range

ETF.net Grade

Pillar letters and Scores for CGHM, FMUB, with each pillar’s weight
Pillar	CGHM	FMUB
Cost30% weight	A78	A100Higher
Mission25% weight	A100Higher	A89
Risk15% weight	B61	B61
Tradability15% weight	B69Higher	C41
Holdings10% weight	A94Higher	D27
Durability5% weight	B67Higher	C49

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. CGHM and FMUB are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

CGHM ranks 1st and FMUB 3rd of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 80
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 72
Rank 4AHYMBState Street SPDR Nuveen ICE High Yield Municipal Bond ETFScore 71

Our read on each fund

ETF.net Research

CGHMACapital Group Municipal High-Income ETF

FMUBAFidelity Municipal Bond Opportunities ETF

In short

CGHM Index high-yield muni funds stop where the ratings stop. CGHM is Capital Group's active version: built to lean into lower-rated and unrated tax-exempt bonds, with the income paid out monthly.

FMUB Tax-free income is the job, but the mandate also leaves room for capital growth. Fidelity's 2023-vintage muni fund spreads across roughly 400 bonds and pays monthly.

Stated mandate

CGHM The fund seeks a high level of current income that is exempt from regular federal income tax.

FMUB The fund seeks high current income exempt from federal income tax, with capital growth also considered.

Why people hold it

CGHM The mandate is the whole point: at least 60% in bonds rated BBB+/Baa1 or below, or unrated, the corner of the muni market index funds cap or skip.yahoo.com capitalgroup.com
Income lands monthly and is exempt from regular federal income tax, spread across roughly 600 bond positions rather than a few big credits.
A young fund that is already a multi-billion-dollar one, and what it holds lines up closely with the mandate it advertises.
Sits in the upper half of the muni ETF field we grade, a solid showing for an active fund fishing in the market's messier waters.

FMUB The mandate is broader than the usual muni playbook: high current income exempt from federal income tax, with capital growth also considered.
It does what the label says. The portfolio hews closely to its stated muni-income mandate, one of the tighter mandate matches among municipal bond ETFs.
Roughly 400 bonds behind it, and the payout runs monthly rather than quarterly.

Worth knowing

CGHM At 0.34% it runs above the 0.30% muni cohort median, and well above plain index core muni funds like VTEB (0.03%) and MUB (0.05%).
Lower-rated and unrated munis carry more credit and liquidity risk than investment-grade muni funds, so swings can be sharper when credit gets stressed.yahoo.com
Launched in 2024, so the history here is short and has not yet run through a full credit cycle.

FMUB At 0.30%, the fee sits right at the muni-ETF median. Index-tracking staples like VTEB (0.03%) and MUB (0.05%) charge a fraction of that.
It trades thinly next to the category's giants, which can mean wider spreads at the moment you place an order.
Launched in 2023, so the track record is short and assets stay modest against the multi-billion-dollar muni index funds.

Full CGHM profile⁠

Full FMUB profile⁠

CGHM vs FMUB Holdings

How CGHM and FMUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile93.3%
Asset classFixed Income100%

Sector

No Sector split for CGHM and FMUB.

Country, concentration and asset class

Country by domicile

Country weights in CGHM and FMUB, widest gap first
Country	More in CGHMMore in FMUB	CGHM	FMUB
United States	FMUB +6.7 points	92.9%	99.6%
Puerto Rico	CGHM +6.7 points	7.1%	0.4%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CGHM6.3%
FMUB21.6%

Securities held

CGHM3,559
FMUB690

Asset class

CGHM: Fixed Income
FMUB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CGHM holds 3,559 securities, FMUB 690.

All CGHM holdings⁠All 388 FMUB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CGHM vs FMUB Cost

Overpaying CGHM vs FMUB

$783

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

CGHM 0.34%
$6,932
FMUB 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

CGHM 0.34%
FMUB 0.30%
Overpaying

Year by year

Year	CGHM	FMUB	Overpaying
10	$616	$545	$71
20	$2,386	$2,113	$273
30	$6,932	$6,149	$783

Expense ratio

0.34%CGHM
0.30%FMUB, cheaper

FMUB0.30%CGHM0.34%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

FMUB cheapest of 18 funds

CGHM 5th cheapest of 18 funds

CGHM vs FMUB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGHM 4.73%, better; FMUB 3.58%
Payout (12M): CGHM $1.17; FMUB $1.79
Last payment: CGHM $0.09; FMUB $0.12
Ex-dividend: CGHM Oct 30, 2026; FMUB Oct 29, 2026
Paid on: CGHM Pays Nov 2, 2026; FMUB Pays Nov 2, 2026
Frequency: CGHM Monthly; FMUB Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

CGHMMonthly · 28 paymentsAll CGHM payments⁠

FMUBMonthly · 20 paymentsAll FMUB payments⁠

CGHM vs FMUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CGHM 5.7%since Jul 2024FMUB 5.4%since May 2025
Return per unit of riskSharpe ratio, 3 years: CGHM −0.12since Jul 2024FMUB 0.04since May 2025
Worst fallMax drawdown, 5 years: CGHM −6.8%since Jun 2024FMUB −6.1%since Apr 2025
Market sensitivityBeta, 5 years: CGHM 0.20FMUB 0.91; Market = 1

CGHM and FMUB in the news

All news⁠

New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026CGHM

Popular comparisons

CGHMAvsHYDA
Capital Group Municipal High-Income ETF · VanEck High Yield Muni ETF
Expense ratio
0.34% · 0.32%
Category
FMUBAvsHYDA
Fidelity Municipal Bond Opportunities ETF · VanEck High Yield Muni ETF
Expense ratio
0.30% · 0.32%
Category
CGHMAvsHYMBA
Capital Group Municipal High-Income ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.34% · 0.35%
Category
FMUBAvsHYMBA
Fidelity Municipal Bond Opportunities ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.30% · 0.35%
Category
CGHMAvsSHYDA
Capital Group Municipal High-Income ETF · VanEck Short High Yield Muni ETF
Expense ratio
0.34% · 0.32%
Category
FMUBAvsSHYDA
Fidelity Municipal Bond Opportunities ETF · VanEck Short High Yield Muni ETF
Expense ratio
0.30% · 0.32%
Category

CGHM vs FMUB

In short

Stated mandate

Why people hold it

Worth knowing

How CGHM and FMUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How CGHM and FMUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings