FIMU vs ITM: Grades, Fees and Holdings Compared

Fidelity Intermediate Municipal Income ETF

FIMUCNasdaq

VanEck Intermediate Muni ETF

ITMACboe

Overlap

0.0%by weight

Expense ratio

ITM −0.12pt a year

FIMU0.30%ITM0.18%

Avg volume · 30D

ITM 49.7×the volume

FIMU13KITM648K

FIMU vs ITM Performance

Jul 31, 2026 – Oct 30, 2026

−0.2%FIMU+0.5%ITM

Expense ratio: FIMU 0.30%; ITM 0.18%, better
Fund size: FIMU $90M; ITM $2.33B
1Y total return: FIMU No data; ITM +0.1%
Yield (12M): FIMU No data; ITM 3.08%
Holdings: FIMU 2863; ITM 1418
Avg volume (30D): FIMU 13K sh; ITM 648K sh, better
NAV per share: FIMU $19.59; ITM $45.60
52W range

ETF.net Grade

Pillar letters and Scores for FIMU, ITM, with each pillar’s weight
Pillar	FIMU	ITM
Cost30% weight	C53	A84Higher
Mission25% weight	Not scored	A100
Risk15% weight	D35	D39Higher
Tradability15% weight	F13	B65Higher
Holdings10% weight	B59	B68Higher
Durability5% weight	C42	A91Higher

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. FIMU and ITM are both graded against the same 19 Intermediate Municipal Bonds funds, so their Grades compare head to head.

Intermediate Municipal Bonds⁠

Category · 19 funds

See all 19 ›

ITM ranks 2nd and FIMU 17th of 19 funds in the Intermediate Municipal Bonds Category.

Rank 1ATAXINorthern Trust Intermediate Tax-Exempt Bond ETFScore 84
Rank 2AITMVanEck Intermediate Muni ETFScore 77
Rank 3AEVIMEaton Vance Intermediate Municipal Income ETFScore 76
Rank 16CINTMInvesco Intermediate Municipal ETFScore 42
Rank 17CFIMUFidelity Intermediate Municipal Income ETFScore 41
Rank 17CMNBDALPS BBH Intermediate Municipal Bond ETFScore 41

Our read on each fund

ETF.net Research

FIMUCFidelity Intermediate Municipal Income ETF

ITMAVanEck Intermediate Muni ETF

In short

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.

ITM Most big muni ETFs buy the whole curve. ITM, running since 2007, sticks to the middle: a passive, AMT-free national index of roughly 1,400 bonds, paid out monthly, for 0.18% a year.

Stated mandate

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.

ITM The fund seeks to track the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index before fees and expenses.

Why people hold it

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.com sec.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.

ITM 0.18% a year against a 0.30% median for muni ETFs in its group. Modest for a fund that screens the maturity range instead of buying the entire market.
A straight index tracker of the ICE Intermediate AMT-Free Broad National Municipal Index, and it stays unusually close to that benchmark for its cohort.vaneck.com
Mid-curve by design: shorter maturities than long muni funds mean less price movement per shift in rates, with more coupon than the ultra-short end.vaneck.com
Roughly 1,400 bonds, income paid monthly, and a 2007 launch that puts several full rate cycles behind it.

Worth knowing

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

ITM Broad national trackers like VTEB, SCMB and MUB run at a few basis points. ITM's fee buys the intermediate screen, not the lowest sticker in the aisle.
Intermediate maturities soften rate moves rather than cancel them, and municipal issuers carry credit risk.
National in scope and AMT-free, so there is no single-state tax focus of the kind state-targeted peers like NYF are built around.

Full FIMU profile⁠

Full ITM profile⁠

FIMU vs ITM Holdings

How FIMU and ITM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FIMU and 0.0% of ITM.

Level by level

Holdings0 in both0.0%
Countryby domicile99.7%

Sector

No Sector split for FIMU and ITM.

Country, concentration and asset class

Country by domicile

Country weights in FIMU and ITM, widest gap first
Country	More in FIMUMore in ITM	FIMU	ITM
United States	ITM +0.2 points	99.7%	99.9%
Puerto Rico	FIMU +0.2 points	0.3%	0.1%

Concentration

Weight in the 10 largest Holdings

FIMU9.1%
ITM6.3%

Securities held

FIMU2,645
ITM454

Asset class

FIMU: Fixed Income
ITM: Multi-Asset

Holdings

Only in FIMU2,645
In both0
Only in ITM454

Only in FIMU

2,645 securities, 96.3% of FIMU by weight

Main Str Nat Ga 5% Mt1.37%
Energy Southeas 5% 11/01/330.91%
Black Belt Ene 5% 06/01/310.87%
Black Belt Ene 5% 11/01/360.86%
Southeast En Al 5% Mt0.85%
Main Street Ene 5% 10/01/330.78%
Main Street Ene 5% 09/01/360.73%
California Cmy 5% Mt0.70%
Black Belt Ene 12/01/55 Mt0.66%
Lower Ala Gas D 5% 12/01/330.60%
Black Belt Ene 5% 10/01/330.60%
Texas Municipal 5.25% 04/01/30.59%
Energy Southeas 5% 04/01/340.58%
Texas Municipa 5.25% 03/01/370.54%
Southeast En Al 5% 10/01/300.52%
Ca Choice (Cibc) 5% 2/1/310.52%
Black Belt Ene 5% 12/01/340.46%
Southeast Energy Auth 5.25% Mt0.44%
Ctr Pln Eng Gas 5% Mt0.43%
Tenn Energy Acq 5% 12/01/350.42%
Black Belt Ene 5% 10/01/320.40%
Main Str Nat Ga 4% 07/01/52 Mt0.39%
In Fin Hsr 5% Mt0.39%
Kentucky Inc Ky 06/01/55 Mt0.38%
San Fran Arpt 5.25% 05/01/40@0.38%
California Cmy 5% 12/1/32MT 550.36%
Black Belt Ene 5% 01/01/340.36%
Southeast Enrg 5% Mt0.36%
Pefa Inc Iowa G 5% 04/01/350.35%
Southeast Al(Nylife) 5% 9/1/350.35%
San Ant Tx Arpt 5.25% 07/01/40.34%
Grand Parkway T 5% 10/1/520.34%
Southeast Ala Prep 5% Mt0.32%
Black Belt Ene 5% 12/01/310.32%
Washington St C 4% 07/01/310.32%
The Black Belt Energy 5% 10/330.31%
Ny Ny City Hs 3.7% Mt0.30%
Tenn Energy Acq 5% 11/01/340.30%
Black Belt Ene 5% 10/01/350.30%
Texas Municipal 5% 04/01/360.30%
Main Street Ene 5% 9/1/20340.29%
Nm Gas Prepay 5% Mt0.29%
California Cmy(Fo 5% 7/34MT 550.29%
Main Str Nat Ga 5% 12/1/52 Mt0.28%
Southeast Energ 5% 05/01/53 Mt0.28%
Il St 5% 07/01/350.27%
Black Belt Ene 5.25% 06/01/360.27%
Ky Nucor 20A1 V1@0.27%
Kentucky Inc Ky 5.25% Mt0.26%
Huntsville Al H 5% Mt0.26%

Only in ITM

454 securities, 98.2% of ITM by weight

New York City Transitional Finance Auth4.06%
State Of California3.63%
New York State Dormitory Authority3.21%
California Community Choice Financing A2.71%
City Of New York Ny1.80%
Commonwealth Of Massachusetts1.67%
State Of Illinois1.35%
Black Belt Energy Gas District1.27%
Los Angeles Department Of Water & Power1.26%
New Jersey Transportation Trust Fund Au1.26%
Texas Water Development Board1.24%
California State Public Works Board1.22%
Metropolitan Transportation Authority1.16%
Colorado Health Facilities Authority1.14%
University Of California1.12%
State Of Washington1.09%
District Of Columbia Income Tax Revenue1.02%
Pennsylvania Turnpike Commission0.96%
State Of Delaware0.95%
State Of Connecticut0.92%
New York City Municipal Water Finance A0.91%
California Health Facilities Financing0.89%
Indiana Finance Authority0.89%
Massachusetts Development Finance Agenc0.86%
New Hampshire Business Finance Authorit0.80%
Illinois Finance Authority0.79%
New Jersey Educational Facilities Autho0.78%
New York State Thruway Authority0.76%
State Of Minnesota0.75%
Southeast Energy Authority A Cooperativ0.73%
North Texas Tollway Authority0.72%
Triborough Bridge & Tunnel Authority0.72%
State Of Ohio0.71%
State Of Maryland0.70%
State Of Wisconsin0.70%
Los Angeles Unified School District/Ca0.67%
New York State Urban Development Corp0.66%
Board Of Regents Of The University Of T0.59%
Michigan State Hospital Finance Authori0.59%
Port Authority Of New York & New Jersey0.59%
State Of Connecticut Special Tax Revenu0.58%
State Of Maryland Department Of Transpo0.56%
Energy Northwest0.52%
Private Colleges & Universities Authori0.49%
State Of North Carolina0.49%
State Of Louisiana0.47%
Los Angeles County Metropolitan Transpo0.47%
Washington Metropolitan Area Transit Au0.47%
Kentucky Public Energy Authority0.45%
Salem-Keizer School District No 24j0.45%

Weight gaps

FIMU and ITM share no securities.

All FIMU holdings⁠All 1,365 ITM 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.

FIMU vs ITM Cost

Overpaying FIMU vs ITM

$2,400

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

FIMU 0.30%
$6,149
ITM 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FIMU 0.30%
ITM 0.18%
Overpaying

Year by year

Year	FIMU	ITM	Overpaying
10	$545	$328	$217
20	$2,113	$1,281	$832
30	$6,149	$3,749	$2,400

Expense ratio

0.30%FIMU
0.18%ITM, cheaper

ITM0.18%FIMU0.30%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

ITM 3rd cheapest of 19 funds

FIMU 8th cheapest of 19 funds

FIMU vs ITM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FIMU No data; ITM 3.08%
Payout (12M): FIMU No data; ITM $1.41
Last payment: FIMU $0.02; ITM $0.11
Ex-dividend: FIMU Oct 1, 2026; ITM Oct 1, 2026
Paid on: FIMU Oct 5, 2026; ITM Oct 6, 2026
Frequency: FIMU Monthly; ITM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FIMUMonthly · 4 paymentsAll FIMU payments⁠

ITMMonthly · 45 paymentsAll ITM payments⁠

FIMU vs ITM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FIMU No dataITM 6.2%
Return per unit of riskSharpe ratio, 3 years: FIMU No dataITM 0.05
Worst fallMax drawdown, 5 years: FIMU No dataITM −14.4%
Market sensitivityBeta, 5 years: FIMU 0.77ITM 0.97; Market = 1

Popular comparisons

FIMUCvsTAXIA
Fidelity Intermediate Municipal Income ETF · Northern Trust Intermediate Tax-Exempt Bond ETF
Expense ratio
0.30% · 0.05%
Category
ITMAvsTAXIA
VanEck Intermediate Muni ETF · Northern Trust Intermediate Tax-Exempt Bond ETF
Expense ratio
0.18% · 0.05%
Category
FIMUCvsEVIMA
Fidelity Intermediate Municipal Income ETF · Eaton Vance Intermediate Municipal Income ETF
Expense ratio
0.30% · 0.11%
Category
ITMAvsEVIMA
VanEck Intermediate Muni ETF · Eaton Vance Intermediate Municipal Income ETF
Expense ratio
0.18% · 0.11%
Category
FIMUCvsMMITA
Fidelity Intermediate Municipal Income ETF · NYLI MacKay Muni Intermediate ETF
Expense ratio
0.30% · 0.30%
Category
ITMAvsMMITA
VanEck Intermediate Muni ETF · NYLI MacKay Muni Intermediate ETF
Expense ratio
0.18% · 0.30%
Category