FIMU vs MMIT

FIMUCFidelity Intermediate Municipal Income ETF

MMITANYLI MacKay Muni Intermediate 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.

MMIT Active muni bond-picking in an ETF wrapper. MacKay Shields' municipal desk has run MMIT since 2017, sifting roughly 900 investment-grade, AMT-free bonds for income exempt from federal tax, and paying it out monthly.

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.

MMIT The Fund seeks current income exempt from federal income tax.

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.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.

• MMIT Genuinely active, not an index in disguise: MacKay Shields' muni team picks bonds on credit and yield-curve analysis, targeting a 3 to 10 year duration band.nylim.comstockanalysis.com
• A billion-dollar-plus fund and one of the more actively traded in the intermediate muni group, with roughly 900 bonds spreading issuer risk.
• Trading since 2017, a long run for an active muni ETF, and one of the stronger implementations in its intermediate muni peer group.
• Does the one job it advertises: current income exempt from federal income tax, distributed monthly.

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

• MMIT 0.30%, net of a fee waiver off 0.46% gross, sits near the category median but above index rivals: TAXI 0.05%, ITM 0.18%, EVIM 0.11% net of a waiver through February 1, 2027.
• Active management cuts both ways: holdings and results can drift from a plain muni index in either direction.nylim.com
• Income is exempt from federal income tax, not state tax, and the bonds still reprice when rates move.nylim.com

Full FIMU profile⁠

Full MMIT profile⁠