FMUB vs JMHI: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

JPMorgan High Yield Municipal ETF

JMHICNYSE Arca

Overlap

No data

Expense ratio

FMUB −0.22pt a year

FMUB0.30%JMHI0.52%

Avg volume · 30D

FMUB 1.4×the volume

FMUB97.3KJMHI70.7K

FMUB vs JMHI Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%FMUB−0.4%JMHI

Expense ratio: FMUB 0.30%, better; JMHI 0.52%
Fund size: FMUB $246M; JMHI $307M
1Y total return: FMUB +1.1%, better; JMHI −0.4%
Yield (12M): FMUB 3.58%; JMHI 4.56%, better
Holdings: FMUB 702; JMHI 261
Avg volume (30D): FMUB 97.3K sh, better; JMHI 70.7K sh
NAV per share: FMUB $49.75; JMHI $48.42
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, JMHI, with each pillar’s weight
Pillar	FMUB	JMHI
Cost30% weight	A100Higher	F22
Mission25% weight	A89	A92Higher
Risk15% weight	B61Higher	C46
Tradability15% weight	C41	C52Higher
Holdings10% weight	D27	A70Higher
Durability5% weight	C49	A74Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and JMHI 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 JMHI 14th 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 13BFMHIFirst Trust Municipal High Income ETFScore 57
Rank 14CJMHIJPMorgan High Yield Municipal ETFScore 55
Rank 15CHTAXNomura National High-Yield Municipal Bond ETFScore 54

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

JMHICJPMorgan 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.

JMHI A 2007-vintage JPMorgan muni strategy that traded its mutual fund shell for an ETF wrapper in 2023. Actively run, free to lean all the way into below-investment-grade munis, built around federally tax-exempt income paid monthly.

Stated mandate

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

JMHI The Fund seeks a high level of current income exempt from federal income taxes by investing in tax-exempt municipal securities, with an emphasis on high-yield 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.

JMHI No index to hug. Managers pick the bonds, and the fund may hold up to 100% in below-investment-grade municipals, the corner of the muni market that carries the higher yields.jpmorgan.com
The mandate is narrow and the fund sticks to it: municipal securities whose income is exempt from federal income tax, with cash paid out monthly.
Credit risk is spread across roughly 300 municipal positions rather than a few concentrated issuer bets.
Not a startup strategy. It ran as a mutual fund from 2007 and converted to an ETF in July 2023, so the approach has a long paper trail behind the ticker.jpmorgan.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.

JMHI At 0.52%, with no fee waiver, the cost sits above the category median and above index-based rivals HYD (0.32%) and HYMB (0.35%). Active bond picking is what the premium buys.
Permission to hold up to 100% below-investment-grade munis cuts both ways: default and liquidity risk are real, and the issuer flags the greater degree of risk itself.jpmorgan.com
Trading is moderate rather than heavy for the category, which tends to show up in bid-ask spreads on larger orders.

Full FMUB profile⁠

Full JMHI profile⁠

FMUB vs JMHI Holdings

How FMUB and JMHI differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile96.5%
Asset classFixed Income100%

Sector

No Sector split for FMUB.

Country, concentration and asset class

Country by domicile

Country weights in FMUB and JMHI, widest gap first
Country	More in FMUBMore in JMHI	FMUB	JMHI
United States	FMUB +3.5 points	99.6%	96.1%
U.S. Virgin Islands	JMHI +3.5 points	0.4%	3.9%

Concentration

Weight in the 10 largest Holdings

FMUB21.6%
JMHI12.6%

Securities held

FMUB690
JMHI259

Asset class

FMUB: Fixed Income
JMHI: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMUB holds 690 securities, JMHI 259.

All 388 FMUB holdings⁠All 260 JMHI 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 JMHI Cost

Overpaying JMHI vs FMUB

$4,202

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

FMUB 0.30%
$6,149
JMHI 0.52%
$10,351

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
JMHI 0.52%
Overpaying

Year by year

Year	FMUB	JMHI	Overpaying
10	$545	$935	$390
20	$2,113	$3,593	$1,480
30	$6,149	$10,351	$4,202

Expense ratio

0.30%FMUB, cheaper
0.52%JMHI

FMUB0.30%JMHI0.52%

0.30%0.70%

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

FMUB cheapest of 18 funds

JMHI 15th cheapest of 18 funds

FMUB vs JMHI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMUB 3.58%; JMHI 4.56%, better
Payout (12M): FMUB $1.79; JMHI $2.20
Last payment: FMUB $0.12; JMHI $0.18
Ex-dividend: FMUB Oct 29, 2026; JMHI Oct 1, 2026
Paid on: FMUB Pays Nov 2, 2026; JMHI Oct 5, 2026
Frequency: FMUB Monthly; JMHI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

JMHIMonthly · 39 paymentsAll JMHI payments⁠

FMUB vs JMHI 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 2025JMHI 6.2%
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025JMHI 0.30
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025JMHI −7.3%since Jul 2023
Market sensitivityBeta, 5 years: FMUB 0.91JMHI 0.97; Market = 1

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