FMUB vs FTMH: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Franklin Municipal High Yield ETF

FTMHBNYSE Arca

Overlap

No data

Expense ratio

FMUB −0.05pt a year

FMUB0.30%FTMH0.35%

Avg volume · 30D

FTMH 4.8×the volume

FMUB97.3KFTMH470K

FMUB vs FTMH Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%FMUB+0.5%FTMH

Expense ratio: FMUB 0.30%, better; FTMH 0.35%
Fund size: FMUB $246M; FTMH $690M
1Y total return: FMUB +1.1%, better; FTMH +0.5%
Yield (12M): FMUB 3.58%; FTMH No data
Holdings: FMUB 702; FTMH 567
Avg volume (30D): FMUB 97.3K sh; FTMH 470K sh, better
NAV per share: FMUB $49.75; FTMH $11.18
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, FTMH, with each pillar’s weight
Pillar	FMUB	FTMH
Cost30% weight	A100Higher	B67
Mission25% weight	A89	A89
Risk15% weight	B61Higher	D37
Tradability15% weight	C41	A72Higher
Holdings10% weight	D27	B62Higher
Durability5% weight	C49	B69Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and FTMH 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 FTMH 6th 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 5ASHYDVanEck Short High Yield Muni ETFScore 70
Rank 6BFTMHFranklin Municipal High Yield ETFScore 68
Rank 7BTHYMT. Rowe Price High Income Municipal ETFScore 66

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

FTMHBFranklin Municipal High Yield ETF

In short

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.

FTMH Most muni ETFs are cheap index trackers. FTMH works the other side of the street: an active hunt for tax-exempt income in the muni market's lower-rated corners, off a strategy whose track record starts in 1985.

Stated mandate

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

FTMH The fund seeks high current income exempt from federal income tax.

Why people hold it

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.

FTMH One job, stated plainly in its own filings: high current income exempt from federal income tax. That is a different mandate than a broad investment-grade muni index fund.
The strategy's record runs back to 1985, through multiple muni credit cycles, long before the ETF wrapper showed up.
Roughly 500 bond positions, so one troubled issuer is a dent rather than a crater.
In a crowded muni field, it lands in the upper half of the funds we review, which is respectable company for a credit-picking strategy.

Worth knowing

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.

FTMH 0.35% a year, above the muni-fund median of 0.30% and well above index staples like VTEB (0.03%) and MUB (0.05%). Active credit research is the thing you are paying for.
High yield muni means lower-rated issuers. Credit risk and price swings run hotter here than in investment-grade muni index funds.
Volume is moderate rather than firehose-level, and the underlying bonds trade thinly, so bid-ask spreads can be wider than the big index munis.

Full FMUB profile⁠

Full FTMH profile⁠

FMUB vs FTMH Holdings

How FMUB and FTMH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile99.0%
Asset classFixed Income100%

Sector

No Sector split for FMUB and FTMH.

Country, concentration and asset class

Country by domicile

Country weights in FMUB and FTMH, widest gap first
Country	More in FMUBMore in FTMH	FMUB	FTMH
United States	FMUB +1.0 points	99.6%	98.6%
U.S. Virgin Islands	FTMH +1.0 points	0.4%	1.4%
Canada	FTMH +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

FMUB21.6%
FTMH14.4%

Securities held

FMUB690
FTMH565

Asset class

FMUB: Fixed Income
FTMH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMUB holds 690 securities, FTMH 565.

All 388 FMUB holdings⁠All 494 FTMH 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.

FMUB vs FTMH Cost

Overpaying FTMH vs FMUB

$977

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

FMUB 0.30%
$6,149
FTMH 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
FTMH 0.35%
Overpaying

Year by year

Year	FMUB	FTMH	Overpaying
10	$545	$634	$89
20	$2,113	$2,454	$341
30	$6,149	$7,126	$977

Expense ratio

0.30%FMUB, cheaper
0.35%FTMH

FMUB0.30%FTMH0.35%

0.30%0.70%

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

FMUB cheapest of 18 funds

FTMH 6th cheapest of 18 funds

FMUB vs FTMH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMUB 3.58%; FTMH No data
Payout (12M): FMUB $1.79; FTMH No data
Last payment: FMUB $0.12; FTMH $0.05
Ex-dividend: FMUB Oct 29, 2026; FTMH Oct 1, 2026
Paid on: FMUB Pays Nov 2, 2026; FTMH Oct 6, 2026
Frequency: FMUB Monthly; FTMH Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

FTMHMonthly · 11 paymentsAll FTMH payments⁠

FMUB vs FTMH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMUB 5.4%since May 2025FTMH 8.2%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025FTMH −0.36since Nov 2025
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025FTMH −8.4%since Oct 2025
Market sensitivityBeta, 5 years: FMUB 0.91FTMH 0.19; Market = 1

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