FMHI vs FMUB: Grades, Fees and Holdings Compared

First Trust Municipal High Income ETF

FMHIBNasdaq

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Overlap

No data

Expense ratio

FMUB −0.40pt a year

FMHI0.70%FMUB0.30%

Avg volume · 30D

FMHI 2.3×the volume

FMHI239KFMUB103K

FMHI vs FMUB Performance

Nov 7, 2025 – Nov 9, 2026

+1.8%FMHI+2.4%FMUB

Expense ratio: FMHI 0.70%; FMUB 0.30%, better
Fund size: FMHI $1.12B; FMUB $362M
1Y total return: FMHI +1.8%; FMUB +2.4%, better
Yield (12M): FMHI 4.49%, better; FMUB 3.53%
Holdings: FMHI 787; FMUB 721
Avg volume (30D): FMHI 239K sh, better; FMUB 103K sh
NAV per share: FMHI $46.82; FMUB $50.39
52W range

ETF.net Grade

Pillar letters and Scores for FMHI, FMUB, with each pillar’s weight
Pillar	FMHI	FMUB
Cost30% weight	F0	A100Higher
Mission25% weight	A100Higher	A89
Risk15% weight	C47	B69Higher
Tradability15% weight	A83Higher	C45
Holdings10% weight	A93Higher	F16
Durability5% weight	A73Higher	C50

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMHI 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 FMHI 12th of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 81
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 73
Rank 4AHYMBState Street SPDR Nuveen ICE High Yield Municipal Bond ETFScore 71
Rank 12BEVYMEaton Vance High Income Municipal ETFScore 57
Rank 12BFMHIFirst Trust Municipal High Income ETFScore 57
Rank 14BJMHIJPMorgan High Yield Municipal ETFScore 55

Our read on each fund

ETF.net Research

FMHIBFirst Trust Municipal High Income ETF

FMUBAFidelity Municipal Bond Opportunities ETF

In short

FMHI Active muni high yield that leans in: at least half the portfolio in junk-rated or unrated bonds, hand-picked rather than indexed, with federally tax-exempt income paid monthly. Running since 2017, and priced above the category median for the credit work.

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

FMHI The Fund seeks federally tax-exempt income as its primary objective and long-term capital appreciation as its secondary objective.

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

Why people hold it

FMHI Does what the label says: at least 80% of net assets in bonds paying federally tax-exempt interest, spread across roughly 800 positions.ftportfolios.com
Genuinely active, not an index in disguise. Managers choose credits bond by bond, including beaten-up issues an index-rules screen would skip.sec.gov ftportfolios.com
A billion-dollar fund that pays monthly and trades at moderate volume, with a record going back to its 2017 launch rather than a recent debut.

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

FMHI Costs more than the index heavyweights: above the category median, against 0.32% at HYD and 0.35% at HYMB. The stock-picking has to cover that gap.
At least half the book is below investment grade or unrated, and the prospectus permits bonds already in default, so downgrades bite harder than in a core muni fund.sec.gov
Clean execution of its mandate, but in a crowded high-yield muni field it lands in the lower half overall, mostly on price and credit risk.

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 FMHI profile⁠

Full FMUB profile⁠

FMHI vs FMUB Holdings

How FMHI and FMUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.6%
Asset classBonds100%
Sector1 Sector100%

Sector

Sector weights in FMHI and FMUB, widest gap first
Sector	More in FMHIMore in FMUB	Gap	FMHI	FMUB
Municipal		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in FMHI and FMUB, widest gap first
Country	More in FMHIMore in FMUB	Gap	FMHI	FMUB
United States		FMUB +2.4 points	97.6%	100.0%
Puerto Rico		FMHI +2.4 points	2.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FMHI5.8%
FMUB27.7%

Securities held

FMHI780
FMUB710

Asset class

FMHI: Bonds
FMUB: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMHI holds 780 securities, FMUB 710.

All 787 FMHI 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.

FMHI vs FMUB Cost

Overpaying FMHI vs FMUB

$7,457

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

FMHI 0.70%
$13,606
FMUB 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FMHI 0.70%
FMUB 0.30%
Overpaying

Year by year

Year	FMHI	FMUB	Overpaying
10	$1,250	$545	$705
20	$4,760	$2,113	$2,647
30	$13,606	$6,149	$7,457

Expense ratio

0.70%FMHI
0.30%FMUB, cheaper

FMUB0.30%FMHI0.70%

0.30%0.70%

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

FMUB cheapest of 18 funds

FMHI 18th cheapest of 18 funds

FMHI vs FMUB Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FMHI 4.49%, better; FMUB 3.53%
Payout (12M): FMHI $2.10; FMUB $1.79
Last payment: FMHI $0.18; FMUB $0.12
Ex-dividend: FMHI Oct 21, 2026; FMUB Oct 29, 2026
Paid on: FMHI Oct 30, 2026; FMUB Nov 2, 2026
Frequency: FMHI Monthly; FMUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMHIMonthly · 46 paymentsAll FMHI payments⁠

FMUBMonthly · 20 paymentsAll FMUB payments⁠

FMHI vs FMUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMHI 6.3%FMUB 5.4%since May 2025
Return per unit of riskSharpe ratio, 3 years: FMHI 0.25FMUB 0.04since May 2025
Worst fallMax drawdown, 5 years: FMHI −18.8%FMUB −6.1%since Apr 2025
Market sensitivityBeta, 5 years: FMHI 0.97FMUB 0.91; Market = 1

Popular comparisons

FMHIBvsCGHMA
First Trust Municipal High Income ETF · Capital Group Municipal High-Income ETF
Expense ratio
0.70% · 0.34%
Category
FMUBAvsCGHMA
Fidelity Municipal Bond Opportunities ETF · Capital Group Municipal High-Income ETF
Expense ratio
0.30% · 0.34%
Category
FMHIBvsHYDA
First Trust Municipal High Income ETF · VanEck High Yield Muni ETF
Expense ratio
0.70% · 0.32%
Category
FMUBAvsHYDA
Fidelity Municipal Bond Opportunities ETF · VanEck High Yield Muni ETF
Expense ratio
0.30% · 0.32%
Category
FMHIBvsHYMBA
First Trust Municipal High Income ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.70% · 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