FMNY vs FMUB: Grades, Fees and Holdings Compared

First Trust New York Municipal High Income ETF

FMNYDNYSE Arca

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Overlap

No data

Expense ratio

FMUB −0.35pt a year

FMNY0.65%FMUB0.30%

Avg volume · 30D

FMUB 6.2×the volume

FMNY15.6KFMUB97.3K

FMNY vs FMUB Performance

Oct 31, 2025 – Oct 30, 2026

−0.5%FMNY+1.1%FMUB

Expense ratio: FMNY 0.65%; FMUB 0.30%, better
Fund size: FMNY $24M; FMUB $246M
1Y total return: FMNY −0.5%; FMUB +1.1%, better
Yield (12M): FMNY 3.91%, better; FMUB 3.58%
Holdings: FMNY 76; FMUB 702
Avg volume (30D): FMNY 15.6K sh; FMUB 97.3K sh, better
NAV per share: FMNY $25.66; FMUB $49.75
52W range

ETF.net Grade

Pillar letters and Scores for FMNY, FMUB, with each pillar’s weight
Pillar	FMNY	FMUB
Cost30% weight	F8	A100Higher
Mission25% weight	A76	A89Higher
Risk15% weight	D32	B61Higher
Tradability15% weight	C43Higher	C41
Holdings10% weight	F22	D27Higher
Durability5% weight	C43	C49Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMNY 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 FMNY 18th 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 17CMFLXFirst Trust Flexible Municipal High Income ETFScore 40
Rank 18DFMNYFirst Trust New York Municipal High Income ETFScore 37

Our read on each fund

ETF.net Research

FMNYDFirst Trust New York Municipal High Income ETF

FMUBAFidelity Municipal Bond Opportunities ETF

In short

FMNY Most high-yield muni ETFs buy the whole country. FMNY buys New York, actively, hunting income exempt from regular federal, New York State and New York City income taxes across a concentrated book of roughly 80 bonds.

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

FMNY The Fund seeks current income exempt from regular federal and New York income taxes, with long-term capital appreciation as a secondary objective.

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

Why people hold it

FMNY At least 80% of net assets goes into bonds paying interest exempt from regular federal, New York State and New York City income taxes. Few ETFs aim at all three.ftportfolios.com
Actively managed with no index to hug: the team ranges across general obligation bonds, revenue bonds, municipal leases and private activity paper, and can shift on credit.businesswire.com ftportfolios.com
Income arrives monthly, and the fund has been running since 2021, so there is a real live record behind the strategy rather than a backtest.

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

FMNY One state, roughly 80 bonds, and a reach for yield means lower-rated issuers: New York credit stress lands here without national diversification to soften it.ftportfolios.com
Costs more than national high-yield muni ETFs such as HYD (0.32%) and HYMB (0.35%), and sits above the median fee in its category.
Small and thinly traded next to the national muni names, so bid-ask spreads can be wider and large orders move the price more.

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 FMNY profile⁠

Full FMUB profile⁠

FMNY vs FMUB Holdings

How FMNY and FMUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile93.7%
Asset classFixed Income100%

Sector

No Sector split for FMNY and FMUB.

Country, concentration and asset class

Country by domicile

Country weights in FMNY and FMUB, widest gap first
Country	More in FMNYMore in FMUB	FMNY	FMUB
United States	FMUB +6.3 points	93.3%	99.6%
Puerto Rico	FMNY +6.3 points	6.7%	0.4%

Concentration

Weight in the 10 largest Holdings

FMNY24.2%
FMUB21.6%

Securities held

FMNY75
FMUB690

Asset class

FMNY: Fixed Income
FMUB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMNY holds 75 securities, FMUB 690.

All 75 FMNY 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.

FMNY vs FMUB Cost

Overpaying FMNY vs FMUB

$6,568

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

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

Amount$10,000

Years30 years

Cost over time

FMNY 0.65%
FMUB 0.30%
Overpaying

Year by year

Year	FMNY	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%FMNY
0.30%FMUB, cheaper

FMUB0.30%FMNY0.65%

0.30%0.70%

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

FMUB cheapest of 18 funds

FMNY 16th cheapest of 18 funds

FMNY vs FMUB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMNY 3.91%, better; FMUB 3.58%
Payout (12M): FMNY $1.00; FMUB $1.79
Last payment: FMNY $0.09; FMUB $0.12
Ex-dividend: FMNY Oct 21, 2026; FMUB Oct 29, 2026
Paid on: FMNY Oct 30, 2026; FMUB Pays Nov 2, 2026
Frequency: FMNY Monthly; FMUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMNYMonthly · 46 paymentsAll FMNY payments⁠

FMUBMonthly · 20 paymentsAll FMUB payments⁠

FMNY vs FMUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMNY 6.3%FMUB 5.4%since May 2025
Return per unit of riskSharpe ratio, 3 years: FMNY 0.04FMUB 0.04since May 2025
Worst fallMax drawdown, 5 years: FMNY −15.6%FMUB −6.1%since Apr 2025
Market sensitivityBeta, 5 years: FMNY 0.99FMUB 0.91; Market = 1

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