FMUB vs HYD: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

VanEck High Yield Muni ETF

HYDACboe

Overlap

0.0%by weight

Expense ratio

FMUB −0.02pt a year

FMUB0.30%HYD0.32%

Avg volume · 30D

HYD 15.5×the volume

FMUB97.3KHYD1.51M

FMUB vs HYD Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%FMUB+1.4%HYD

Expense ratio: FMUB 0.30%, better; HYD 0.32%
Fund size: FMUB $246M; HYD $4.6B
1Y total return: FMUB +1.1%; HYD +1.4%, better
Yield (12M): FMUB 3.58%; HYD 4.47%, better
Holdings: FMUB 702; HYD 2159
Avg volume (30D): FMUB 97.3K sh; HYD 1.51M sh, better
NAV per share: FMUB $49.75; HYD $49.24
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, HYD, with each pillar’s weight
Pillar	FMUB	HYD
Cost30% weight	A100Higher	A89
Mission25% weight	A89	A93Higher
Risk15% weight	B61Higher	B58
Tradability15% weight	C41	B57Higher
Holdings10% weight	D27	A84Higher
Durability5% weight	C49	A81Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and HYD 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 ›

HYD ranks 2nd and FMUB 3rd 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

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

HYDAVanEck High Yield Muni 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.

HYD Junk munis with a seatbelt: HYD's index mixes lower-rated and unrated bonds with a slice of investment-grade credit, spread across roughly 1,900 tax-exempt issues. Trading since 2009, priced under the category median.

Stated mandate

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

HYD The fund seeks to track the performance of a broad index of U.S. dollar-denominated, high-yield, long-term tax-exempt municipal bonds.

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.

HYD The "crossover" build is the whole idea: lower-rated and unrated munis blended with an investment-grade allocation meant to firm up credit quality and tradability.vaneck.com vaneck.com 2
Costs 0.32% a year, below the high-yield muni median of 0.40% and under index rival HYMB at 0.35%.
Roughly 1,900 bonds, paid out monthly, so no single troubled issuer drives the whole distribution.
Open since 2009 and one of the stronger index implementations in the high-yield muni group.vaneck.com

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.

HYD High yield means what it says: lower-rated and unrated municipal credit, where defaults and price swings bite harder than in investment-grade munis.vaneck.com
A long-term muni portfolio, so interest-rate moves move the price. The tax-exempt income counts for most in a taxable account.vaneck.com
Munis trade over the counter, not on an exchange, so spreads on the fund can widen when the bond market gets jumpy.vaneck.com

Full FMUB profile⁠

Full HYD profile⁠

FMUB vs HYD Holdings

How FMUB and HYD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FMUB and 0.0% of HYD.

Level by level

Holdings0 in both0.0%
Countryby domicile93.1%

Sector

No Sector split for FMUB and HYD.

Country, concentration and asset class

Country by domicile

Country weights in FMUB and HYD, widest gap first
Country	More in FMUBMore in HYD	FMUB	HYD
United States	FMUB +6.9 points	99.6%	92.7%
U.S. Virgin Islands	HYD +6.6 points	0.4%	7.0%
Philippines	HYD +0.3 points	0.0%	0.3%

Concentration

Weight in the 10 largest Holdings

FMUB21.6%
HYD10.0%

Securities held

FMUB690
HYD588

Asset class

FMUB: Fixed Income
HYD: Multi-Asset

Holdings

Only in FMUB690
In both0
Only in HYD588

Only in FMUB

690 securities, 84.9% of FMUB by weight

Kentucky Inc Ky 5.5% 12/01/331.32%
Louis/Jeff Hlth 5% 10/01/331.19%
Buckeye Tobac 4% 06/01/480.97%
Texas Municipal 5.25% 04/01/30.77%
Black Belt Ene 5% 06/01/310.65%
Black Belt Ene 5% 12/01/340.65%
Energy Southeas 5% 11/01/330.64%
Montana St 4.8% 12/01/510.60%
Main Str Nat Ga 05/01/55 Mt0.57%
Cps Sft PT7% Sup A 3.15% 12/310.54%
New York St 3.15% 11/1/30MT 660.54%
Fl Hsg Fin Corp 1.8% 07/01/360.54%
Main Street Ene 5% 9/1/20340.52%
Black Belt Ene 5% 11/01/360.47%
Sarasota Pubhsp 4% 07/01/480.47%
Lee Fl Ida Hlth 5.75% 10/01/50.46%
Texas Municipa 5% 03/01/360.45%
Black Belt Ene 5% 10/01/330.44%
Southeast En Al 5% 10/01/300.44%
Illinois Fin At 5.25% 07/01/350.42%
Southeast En Al 5% Mt0.41%
Fl Palm Beach 3% 08/15/440.41%
Main Street Ene 5% 10/01/330.40%
Pennsylvania’s 5% 05/01/300.39%
Energy Southeas 5% 04/01/340.39%
Minnesota St Hi 5% 10/01/450.39%
Texas St Univ 5% 03/15/300.37%
Black Belt Ene 5.25% 06/01/360.36%
Southeast Al(Nylife) 5% 9/1/350.36%
Alachua Fl Hrev 4% 12/01/440.35%
Ri Stud Ln 5% 12/01/28@0.34%
Or St Facs 4% 06/01/410.34%
College Mainlan 5.25% 08/15/40.33%
De Hsg 4.7% 07/01/460.33%
Lancaster H Aut 5% 11/01/270.33%
Illinois Fin 4% 10/1/550.32%
Ne Ifa Sfh 4.1% 09/01/380.31%
Tx Sf-Mrb 4.6% 09/01/430.31%
Conn St Health 6.375% 12/15/60.31%
La Pub Facs Rev 3% 05/15/470.31%
Pefa Inc Iowa G 5% 04/01/350.31%
Ky Hsg Sfm 6.25% 07/01/560.30%
Ne Ifa Sfh 4.125% 9/1/20380.30%
Tennessee Hsg D 3.95% 01/01/40.30%
Ne Ifa Sfh 4.3% 09/01/380.30%
Lynchburg Econo 5% 01/01/330.30%
Buckeye Tobac 3% 6/1/480.30%
Austin Tx Arpt 5% 11/15/33 @0.30%
Sales Tax Secur 5% 01/01/340.29%
Phila Pa Sd 5% 09/01/300.29%

Only in HYD

588 securities, 96.3% of HYD by weight

New York Transportation Development Cor4.76%
Chicago Board Of Education4.63%
Puerto Rico Sales Tax Financing Corp Sa3.75%
Public Finance Authority3.41%
California Municipal Finance Authority2.11%
Florida Development Finance Corp1.92%
City Of Houston Tx Airport System Reven1.69%
California Statewide Communities Develo1.65%
Commonwealth Of Puerto Rico1.58%
Massachusetts Development Finance Agenc1.25%
Black Belt Energy Gas District1.25%
Colorado Health Facilities Authority1.17%
Tobacco Settlement Financing Corp1.08%
Metropolitan Pier & Exposition Authorit1.04%
California Community Choice Financing A1.01%
Pennsylvania Economic Development Finan0.98%
New Hampshire Business Finance Authorit0.97%
Arizona Industrial Development Authorit0.90%
Build Nyc Resource Corp0.88%
New York Liberty Development Corp0.86%
Cscda Community Improvement Authority0.85%
Virginia Small Business Financing Autho0.85%
Metropolitan Washington Airports Author0.84%
Washington State Housing Finance Commis0.77%
North Carolina Medical Care Commission0.77%
Arkansas Development Finance Authority0.77%
Oklahoma Development Finance Authority0.74%
New York State Dormitory Authority0.73%
Kentucky Public Energy Authority0.70%
California Health Facilities Financing0.68%
Iowa Finance Authority0.67%
New Hope Cultural Education Facilities0.65%
Illinois Finance Authority0.64%
Southeast Energy Authority A Cooperativ0.62%
Maryland Health & Higher Educational Fa0.62%
State Of Illinois0.59%
City Of Chicago Il0.59%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.56%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.53%
Texas Private Activity Bond Surface Tra0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.48%
Connecticut State Health & Educational0.46%
South Carolina Jobs-Economic Developmen0.46%
Allentown Neighborhood Improvement Zone0.44%
Baldwin County Industrial Development A0.43%
California Infrastructure & Economic De0.42%
New Jersey Economic Development Authori0.42%

Weight gaps

FMUB and HYD share no securities.

All 388 FMUB holdings⁠All 1,940 HYD 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 HYD Cost

Overpaying HYD vs FMUB

$393

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

FMUB 0.30%
$6,149
HYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
HYD 0.32%
Overpaying

Year by year

Year	FMUB	HYD	Overpaying
10	$545	$580	$35
20	$2,113	$2,250	$137
30	$6,149	$6,542	$393

Expense ratio

0.30%FMUB, cheaper
0.32%HYD

FMUB0.30%HYD0.32%

0.30%0.70%

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

FMUB cheapest of 18 funds

HYD 2nd cheapest of 18 funds

FMUB vs HYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMUB 3.58%; HYD 4.47%, better
Payout (12M): FMUB $1.79; HYD $2.22
Last payment: FMUB $0.12; HYD $0.18
Ex-dividend: FMUB Oct 29, 2026; HYD Oct 1, 2026
Paid on: FMUB Pays Nov 2, 2026; HYD Oct 6, 2026
Frequency: FMUB Monthly; HYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

HYDMonthly · 45 paymentsAll HYD payments⁠

FMUB vs HYD 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 2025HYD 6.6%
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025HYD 0.20
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025HYD −20.2%
Market sensitivityBeta, 5 years: FMUB 0.91HYD 1.02; Market = 1

FMUB and HYD in the news

All news⁠

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026HYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026HYD

Popular comparisons

FMUBAvsCGHMA
Fidelity Municipal Bond Opportunities ETF · Capital Group Municipal High-Income ETF
Expense ratio
0.30% · 0.34%
Category
HYDAvsCGHMA
VanEck High Yield Muni ETF · Capital Group Municipal High-Income ETF
Expense ratio
0.32% · 0.34%
Category
FMUBAvsHYMBA
Fidelity Municipal Bond Opportunities ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.30% · 0.35%
Category
HYDAvsHYMBA
VanEck High Yield Muni ETF · State Street SPDR Nuveen ICE High Yield Municipal Bond ETF
Expense ratio
0.32% · 0.35%
Category
FMUBAvsSHYDA
Fidelity Municipal Bond Opportunities ETF · VanEck Short High Yield Muni ETF
Expense ratio
0.30% · 0.32%
Category
HYDAvsSHYDA
VanEck High Yield Muni ETF · VanEck Short High Yield Muni ETF
Expense ratio
0.32% · 0.32%
Category

FMUB vs HYD

In short

Stated mandate

Why people hold it

Worth knowing

How FMUB and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMUB

Only in HYD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

GMO's ETF share class costs more than the fund's $35 million Class III shares

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How FMUB and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMUB

Only in HYD

Weight gaps