EVIM vs FIMU

EVIMAEaton Vance Intermediate Municipal Income ETF

FIMUCFidelity Intermediate Municipal Income ETF

In short

EVIM Active muni management at index-fund pricing. Eaton Vance charges 0.11% for a federally tax-exempt, intermediate-maturity bond portfolio built by bond pickers instead of copied from a benchmark.

FIMU Not a new fund so much as a new door into an old one: FIMU is an ETF share class of Fidelity's actively managed intermediate muni strategy, holding the same bonds, run by the same managers, carrying the same track record.

Stated mandate

EVIM The fund seeks income through a diversified portfolio of debt securities whose interest is exempt from regular federal income tax, with at least 80% of assets committed to that municipal-bond strategy.

FIMU The fund seeks a high level of current income exempt from federal income tax while preserving capital. It normally invests at least 80% of assets in investment-grade municipal securities and maintains a dollar-weighted average maturity of 3 to 10 years.

Why people hold it

• EVIM Charges 0.11% a year against a roughly 0.30% muni-ETF median. That is a hands-on bond desk priced in index-fund territory.
• At least 80% of assets go to munis whose interest is exempt from regular federal income tax, with room for up to 20% in taxable munis and Treasuries.aaii.com
• Income lands monthly, and the core of it escapes regular federal income tax.
• Diversified core muni exposure across sectors, states and credit tiers, and one of the stronger implementations in a crowded tax-exempt bond field.eatonvance.com

• FIMU One of Fidelity's first three ETF share classes: same portfolio, same managers and the same track record as the existing mutual fund, now in an exchange-traded wrapper.fidelity.comsec.gov
• Clear guardrails: normally at least 80% of assets in investment-grade municipal bonds paying federally tax-exempt interest, with average maturity held between 3 and 10 years.fidelity.com
• Costs 0.30% net of a waiver through April 30, 2028 (0.31% gross), near the typical fee in the intermediate muni category. Income is paid quarterly.

Worth knowing

• EVIM Index rivals cost less: VTEB and SCMB at 0.03%, MUB at 0.05%. The gap is what the active team costs.
• Trades lighter than the household-name index munis, so spreads can widen and limit orders matter more.
• Launched in 2023, so the record is short, and results trace back to the manager's bond selection rather than a published index.aaii.com

• FIMU Cheaper routes into the category exist: TAXI charges 0.05%, ITM 0.18%, and EVIM 0.11% net of a waiver through February 1, 2027.
• Still a thinly traded, smaller fund, so bid-ask spreads and order size matter more here than with the category's most-traded names.
• The ETF class only started trading in June 2026; its own market history is short, even though the underlying strategy's record runs longer.fidelity.com

Full EVIM profile⁠

Full FIMU profile⁠