FMUB vs HTAX

FMUBAFidelity Municipal Bond Opportunities ETF

HTAXCNomura National High-Yield Municipal Bond 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.

HTAX Most muni ETFs stick to the safest paper. HTAX heads down the credit ladder on purpose, running Macquarie's flagship high-yield muni playbook in an ETF: active, federally tax-exempt income from medium- and lower-grade bonds, paid monthly.

Stated mandate

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

HTAX The fund seeks a high level of current interest income that is exempt from regular federal income tax, primarily by investing in municipal securities.

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.

• HTAX Runs the same yield-focused objective and process as Macquarie's flagship high-yield muni mutual fund, managed by the firm's municipal bond team.macquarie.com
• At least 80% of net assets sits in municipal securities whose income is exempt from federal income tax, tilted toward medium- and lower-grade issuers.sec.gov
• Pays monthly, and the 0.49% management fee is the whole sticker: no 12b-1 fees, no separate other expenses.sec.gov

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.

• HTAX At 0.49% it costs well above plain index muni ETFs like VTEB (0.03%) and MUB (0.05%). Active credit work is what you are paying up for.
• Medium- and lower-grade munis carry more default and liquidity risk than an investment-grade index fund, so prices can swing harder when credit gets nervous.sec.gov
• A 2025 launch with a short record, and it trades lightly next to the category's giants, which can mean wider bid-ask spreads.

Full FMUB profile⁠

Full HTAX profile⁠