FMUB vs NHYM: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

Nuveen High Yield Municipal Income

NHYMBNYSE Arca

Overlap

No data

Expense ratio

FMUB −0.05pt a year

FMUB0.30%NHYM0.35%

Avg volume · 30D

FMUB 3.7×the volume

FMUB97.3KNHYM26.2K

FMUB vs NHYM Performance

Oct 31, 2025 – Nov 2, 2026

+1.1%FMUB+0.3%NHYM

Expense ratio: FMUB 0.30%, better; NHYM 0.35%
Fund size: FMUB $246M; NHYM $145M
1Y total return: FMUB +1.1%, better; NHYM +0.3%
Yield (12M): FMUB 3.58%; NHYM 5.08%, better
Holdings: FMUB 711; NHYM 278
Avg volume (30D): FMUB 97.3K sh, better; NHYM 26.2K sh
NAV per share: FMUB $49.75; NHYM $23.95
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, NHYM, with each pillar’s weight
Pillar	FMUB	NHYM
Cost30% weight	A100Higher	B67
Mission25% weight	A89Higher	A84
Risk15% weight	B61Higher	D37
Tradability15% weight	C41	C46Higher
Holdings10% weight	D27	B65Higher
Durability5% weight	C49Higher	D25

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and NHYM 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 NHYM 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 10BIROCInvesco Rochester High Yield Municipal ETFScore 61
Rank 10BNHYMNuveen High Yield Municipal IncomeScore 61
Rank 12BEVYMEaton Vance High Income Municipal ETFScore 58

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

NHYMBNuveen High Yield Municipal Income

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.

NHYM Most muni ETFs track an index of investment-grade paper. NHYM goes the other way: an actively run portfolio built mainly from non-investment-grade and unrated munis, reaching for tax-free income in the corner indexers skip.

Stated mandate

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

NHYM The Fund seeks high current income that is exempt from regular federal income tax. Capital appreciation is secondary when consistent with that primary aim.

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.

NHYM Active out of necessity. Unrated munis have no clean index to copy, so the portfolio is built bond by bond by Nuveen's own credit analysts, the fund's stated edge.nuveen.com
Pays monthly, and the stated primary objective is high current income exempt from regular federal income tax, with capital appreciation a secondary aim.nuveen.com
About 300 positions spread the credit work across many small issuers rather than betting the portfolio on a handful of names.

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.

NHYM The issuer flags what the mandate implies: non-investment-grade and unrated bonds with long maturities carry credit risk and real interest-rate sensitivity.nuveen.com
0.35% a year sits a touch above the muni cohort's median fee. That's the toll for active credit selection instead of index replication.
Launched in 2025 and still far smaller and thinner-traded than the muni index heavyweights (VTEB, MUB), which can show up as wider bid-ask spreads.

Full FMUB profile⁠

Full NHYM profile⁠

FMUB vs NHYM Holdings

How FMUB and NHYM 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 and NHYM.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

FMUB25.3%
NHYM12.3%

Securities held

FMUB700
NHYM274

Asset class

FMUB: Fixed Income
NHYM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMUB holds 700 securities, NHYM 274.

All 388 FMUB holdings⁠All 268 NHYM 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 NHYM Cost

Overpaying NHYM vs FMUB

$977

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

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

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
NHYM 0.35%
Overpaying

Year by year

Year	FMUB	NHYM	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%NHYM

FMUB0.30%NHYM0.35%

0.30%0.70%

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

FMUB cheapest of 18 funds

NHYM 6th cheapest of 18 funds

FMUB vs NHYM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FMUB 3.58%; NHYM 5.08%, better
Payout (12M): FMUB $1.79; NHYM $1.21
Last payment: FMUB $0.12; NHYM $0.09
Ex-dividend: FMUB Oct 29, 2026; NHYM Nov 2, 2026
Paid on: FMUB Nov 2, 2026; NHYM Pays Nov 3, 2026
Frequency: FMUB Monthly; NHYM Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

NHYMMonthly · 21 paymentsAll NHYM payments⁠

FMUB vs NHYM 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 2025NHYM 7.7%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025NHYM −0.28since Feb 2025
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025NHYM −7.8%since Jan 2025
Market sensitivityBeta, 5 years: FMUB 0.91NHYM 0.17; Market = 1

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