FMUB vs IROC: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Invesco Rochester High Yield Municipal ETF

IROCBCboe

Overlap

No data

Expense ratio

FMUB −0.09pt a year

FMUB0.30%IROC0.39%

Avg volume · 30D

FMUB 3.1×the volume

FMUB97.3KIROC31.3K

FMUB vs IROC Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%FMUB+1.7%IROC

Expense ratio: FMUB 0.30%, better; IROC 0.39%
Fund size: FMUB $246M; IROC $203M
1Y total return: FMUB +1.1%; IROC +1.7%, better
Yield (12M): FMUB 3.58%; IROC 5.23%, better
Holdings: FMUB 702; IROC 206
Avg volume (30D): FMUB 97.3K sh, better; IROC 31.3K sh
NAV per share: FMUB $49.75; IROC $48.93
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, IROC, with each pillar’s weight
Pillar	FMUB	IROC
Cost30% weight	A100Higher	C47
Mission25% weight	A89	A89
Risk15% weight	B61	A73Higher
Tradability15% weight	C41Higher	C40
Holdings10% weight	D27	B58Higher
Durability5% weight	C49	C50Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and IROC 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 IROC 10th 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 9BSHYMiShares Short Duration High Yield Muni Active ETFScore 62
Rank 10BIROCInvesco Rochester High Yield Municipal ETFScore 61
Rank 10BNHYMNuveen High Yield Municipal IncomeScore 61

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

IROCBInvesco Rochester High Yield Municipal 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.

IROC Invesco's Rochester muni desk, ETF-wrapped: active high-yield munis at 0.39% net of a waiver through December 31, 2026, with room to add leverage through tender option bonds and duration normally kept under 7.5 years.

Stated mandate

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

IROC The Fund is actively managed and seeks its objective by investing at least 80% of assets in high-yield municipal securities and economically similar derivatives or instruments. Income from the municipal securities is intended to be exempt from federal income taxes.

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.

IROC Run by Invesco's long-standing Rochester municipal desk, with at least 80% of assets in high-yield munis whose income is intended to be exempt from federal income taxes.invesco.com
Tools most index muni funds don't carry: inverse floaters (tender option bonds) for leverage, plus 144A and restricted paper, so the manager can hunt yield off-index.sec.gov
Pays monthly, spread across roughly 200 bonds, with weighted average portfolio duration normally under 7.5 years.invesco.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.

IROC Leverage cuts both ways: the prospectus notes inverse floaters typically swing more than similar-maturity bonds and can lose some or all of their principal.sec.gov
Fee sits near the category median: 0.39% net of a waiver through December 31, 2026, then 0.40% gross. HYD (0.32%) and FMUB (0.30%) charge less, with no waiver attached.
One of the smaller, thinner-traded funds in a category stocked with giants, so bid-ask spreads can matter as much as the fee.

Full FMUB profile⁠

Full IROC profile⁠

FMUB vs IROC Holdings

How FMUB and IROC 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 IROC.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

FMUB21.6%
IROC10.8%

Securities held

FMUB690
IROC201

Asset class

FMUB: Fixed Income
IROC: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMUB holds 690 securities, IROC 201.

All 388 FMUB holdings⁠All 204 IROC 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 IROC Cost

Overpaying IROC vs FMUB

$1,749

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

FMUB 0.30%
$6,149
IROC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
IROC 0.39%
Overpaying

Year by year

Year	FMUB	IROC	Overpaying
10	$545	$705	$160
20	$2,113	$2,725	$612
30	$6,149	$7,898	$1,749

Expense ratio

0.30%FMUB, cheaper
0.39%IROC

FMUB0.30%IROC0.39%

0.30%0.70%

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

FMUB cheapest of 18 funds

IROC 9th cheapest of 18 funds

FMUB vs IROC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMUB 3.58%; IROC 5.23%, better
Payout (12M): FMUB $1.79; IROC $2.57
Last payment: FMUB $0.12; IROC $0.19
Ex-dividend: FMUB Oct 29, 2026; IROC Oct 19, 2026
Paid on: FMUB Pays Nov 2, 2026; IROC Oct 23, 2026
Frequency: FMUB Monthly; IROC Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

IROCMonthly · 46 paymentsAll IROC payments⁠

FMUB vs IROC 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 2025IROC 5.1%
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025IROC 0.27
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025IROC −6.2%since Dec 2022
Market sensitivityBeta, 5 years: FMUB 0.91IROC 0.26; Market = 1

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