FCAL vs FMUB: Grades, Fees and Holdings Compared

First Trust California Municipal High Income ETF

FCALCNasdaq

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Overlap

No data

Expense ratio

FMUB −0.35pt a year

FCAL0.65%FMUB0.30%

Avg volume · 30D

FMUB 3.4×the volume

FCAL28.8KFMUB97.3K

FCAL vs FMUB Performance

Oct 31, 2025 – Oct 30, 2026

+0.1%FCAL+1.1%FMUB

Expense ratio: FCAL 0.65%; FMUB 0.30%, better
Fund size: FCAL $212M; FMUB $246M
1Y total return: FCAL +0.1%; FMUB +1.1%, better
Yield (12M): FCAL 3.56%; FMUB 3.58%, better
Holdings: FCAL 280; FMUB 702
Avg volume (30D): FCAL 28.8K sh; FMUB 97.3K sh, better
NAV per share: FCAL $47.68; FMUB $49.75
52W range

ETF.net Grade

Pillar letters and Scores for FCAL, FMUB, with each pillar’s weight
Pillar	FCAL	FMUB
Cost30% weight	F8	A100Higher
Mission25% weight	A92Higher	A89
Risk15% weight	C54	B61Higher
Tradability15% weight	B63Higher	C41
Holdings10% weight	B61Higher	D27
Durability5% weight	C52Higher	C49

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FCAL 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 ›

FMUB ranks 3rd and FCAL 16th 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
Rank 15CHTAXNomura National High-Yield Municipal Bond ETFScore 54
Rank 16CFCALFirst Trust California Municipal High Income ETFScore 51
Rank 17CMFLXFirst Trust Flexible Municipal High Income ETFScore 40

Our read on each fund

ETF.net Research

FCALCFirst Trust California Municipal High Income ETF

FMUBAFidelity Municipal Bond Opportunities ETF

In short

FCAL A California-only muni fund that actually reaches for yield: at least half investment grade, up to half high yield, actively picked. Double tax exemption at home, at 0.65% a year.

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

FCAL FCAL seeks current income exempt from regular federal and California income taxes, with long-term capital appreciation as a secondary objective. Normally, it invests at least 80% of net assets in municipal debt securities whose interest is exempt from those taxes.

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

Why people hold it

FCAL Income exempt from regular federal and California income taxes, so in-state holders dodge two tax bills instead of one.ftportfolios.com
Up to half the portfolio can sit below investment grade, a credit dial most California muni funds never touch; at least half stays investment grade.sec.gov
Actively managed since 2017, around 300 bonds deep, and it pays monthly.sec.gov

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

FCAL 0.65% a year, no waiver trimming it, above the category median. National high-income muni peers like HYD (0.32%) and FMUB (0.30%) charge less.
Credit risk is the trade-off: the high-yield sleeve can include bonds already in default, and results ride on California issuers alone.sec.gov
Thinly traded and on the small side. Limit orders matter, and the market price can drift from the value of the bonds inside.

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 FCAL profile⁠

Full FMUB profile⁠

FCAL vs FMUB Holdings

How FCAL and FMUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile98.6%
Asset classFixed Income100%

Sector

No Sector split for FCAL and FMUB.

Country, concentration and asset class

Country by domicile

Country weights in FCAL and FMUB, widest gap first
Country	More in FCALMore in FMUB	FCAL	FMUB
United States	FMUB +1.4 points	98.2%	99.6%
Puerto Rico	FCAL +1.4 points	1.8%	0.4%
Canada	FCAL +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

FCAL10.6%
FMUB21.6%

Securities held

FCAL276
FMUB690

Asset class

FCAL: Fixed Income
FMUB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FCAL holds 276 securities, FMUB 690.

All 280 FCAL 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.

FCAL vs FMUB Cost

Overpaying FCAL vs FMUB

$6,568

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

FCAL 0.65%
$12,717
FMUB 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FCAL 0.65%
FMUB 0.30%
Overpaying

Year by year

Year	FCAL	FMUB	Overpaying
10	$1,163	$545	$618
20	$4,440	$2,113	$2,327
30	$12,717	$6,149	$6,568

Expense ratio

0.65%FCAL
0.30%FMUB, cheaper

FMUB0.30%FCAL0.65%

0.30%0.70%

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

FMUB cheapest of 18 funds

FCAL 16th cheapest of 18 funds

FCAL vs FMUB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FCAL 3.56%; FMUB 3.58%, better
Payout (12M): FCAL $1.70; FMUB $1.79
Last payment: FCAL $0.15; FMUB $0.12
Ex-dividend: FCAL Oct 21, 2026; FMUB Oct 29, 2026
Paid on: FCAL Oct 30, 2026; FMUB Pays Nov 2, 2026
Frequency: FCAL Monthly; FMUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FCALMonthly · 46 paymentsAll FCAL payments⁠

FMUBMonthly · 20 paymentsAll FMUB payments⁠

FCAL vs FMUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FCAL 5.5%FMUB 5.4%since May 2025
Return per unit of riskSharpe ratio, 3 years: FCAL −0.07FMUB 0.04since May 2025
Worst fallMax drawdown, 5 years: FCAL −14.0%FMUB −6.1%since Apr 2025
Market sensitivityBeta, 5 years: FCAL 0.85FMUB 0.91; Market = 1

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