FMUB vs SHYD: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

VanEck Short High Yield Muni ETF

SHYDACboe

Overlap

0.0%by weight

Expense ratio

FMUB −0.02pt a year

FMUB0.30%SHYD0.32%

Avg volume · 30D

SHYD 2.0×the volume

FMUB97.3KSHYD191K

FMUB vs SHYD Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%FMUB+2.5%SHYD

Expense ratio: FMUB 0.30%, better; SHYD 0.32%
Fund size: FMUB $246M; SHYD $524M
1Y total return: FMUB +1.1%; SHYD +2.5%, better
Yield (12M): FMUB 3.58%; SHYD 3.64%, better
Holdings: FMUB 702; SHYD 628
Avg volume (30D): FMUB 97.3K sh; SHYD 191K sh, better
NAV per share: FMUB $49.75; SHYD $22.43
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, SHYD, with each pillar’s weight
Pillar	FMUB	SHYD
Cost30% weight	A100Higher	A89
Mission25% weight	A89Higher	B65
Risk15% weight	B61	A71Higher
Tradability15% weight	C41	C48Higher
Holdings10% weight	D27	B57Higher
Durability5% weight	C49	A71Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and SHYD 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 SHYD 5th 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 5ASHYDVanEck Short High Yield Muni ETFScore 70
Rank 6BFTMHFranklin Municipal High Yield ETFScore 68

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

SHYDAVanEck Short 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.

SHYD High-yield munis usually mean 30-year paper. SHYD tracks a 'crossover' index capped at 12 years, blending BBB-rated and below-investment-grade tax-exempt bonds, and pays income monthly. Short maturities, spicier credit.

Stated mandate

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

SHYD The fund seeks to track the price and yield performance of the ICE 1-12 Year Broad High Yield Crossover Municipal Index before fees and expenses. That index represents the U.S.-dollar-denominated short-term high-yield tax-exempt municipal bond market.

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.

SHYD The maturity ceiling is the whole idea. The index runs 1 to 12 years, skipping the long-dated bonds that drive most high-yield muni funds' rate sensitivity.vaneck.com
'Crossover' is doing work in the name: the index reaches into BBB-rated munis alongside below-investment-grade ones, rather than living only at the deepest end of the credit pool.vaneck.com
Monthly distributions from a spread of roughly 500 bonds, drawn from the tax-exempt municipal market.
Live since 2014, so it carries a real record through multiple rate cycles instead of a backtest.

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.

SHYD At 0.32%, it runs slightly above the typical muni ETF and roughly ten times what plain-vanilla index funds like VTEB (0.03%) and MUB (0.05%) charge.
Credit risk is the engine here. Below-investment-grade munis can be thinly traded, and that shows up in pricing when the market gets stressed.
The 12-year cap trims off the longest end of the muni curve, where yields typically sit highest. That's the trade for the shorter profile.

Full FMUB profile⁠

Full SHYD profile⁠

FMUB vs SHYD Holdings

How FMUB and SHYD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile93.3%

Sector

No Sector split for FMUB and SHYD.

Country, concentration and asset class

Country by domicile

Country weights in FMUB and SHYD, widest gap first
Country	More in FMUBMore in SHYD	FMUB	SHYD
United States	FMUB +6.8 points	99.6%	92.8%
U.S. Virgin Islands	SHYD +6.8 points	0.4%	7.2%

Concentration

Weight in the 10 largest Holdings

FMUB21.6%
SHYD13.1%

Securities held

FMUB690
SHYD258

Asset class

FMUB: Fixed Income
SHYD: Multi-Asset

Holdings

Only in FMUB690
In both0
Only in SHYD258

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 SHYD

258 securities, 95.6% of SHYD by weight

Chicago Board Of Education6.32%
New York Transportation Development Cor4.66%
City Of Houston Tx Airport System Reven4.00%
Commonwealth Of Puerto Rico2.81%
California Municipal Finance Authority2.80%
California Community Choice Financing A2.75%
Black Belt Energy Gas District1.97%
New Hampshire Business Finance Authorit1.91%
Mission Economic Development Corp1.63%
Baldwin County Industrial Development A1.50%
Public Finance Authority1.37%
New Jersey Economic Development Authori1.36%
Puerto Rico Sales Tax Financing Corp Sa1.33%
Chandler Industrial Development Authori1.21%
New Jersey Transportation Trust Fund Au1.17%
Greater Orlando Aviation Authority1.15%
California Infrastructure & Economic De1.12%
Kentucky Public Energy Authority1.10%
State Of Illinois1.10%
California Health Facilities Financing1.07%
County Of Miami-Dade Fl Aviation Revenu1.03%
Patriots Energy Group Financing Agency1.01%
New York City Housing Development Corp0.87%
Indiana Finance Authority0.85%
Ohio Air Quality Development Authority0.84%
Massachusetts Development Finance Agenc0.81%
Puerto Rico Commonwealth Aqueduct & Sew0.81%
Metropolitan Transportation Authority0.79%
City & County Of Denver Co0.75%
Virginia Small Business Financing Autho0.75%
Metropolitan Pier & Exposition Authorit0.71%
Territory Of Guam0.67%
Central Plains Energy Project0.67%
Puerto Rico Electric Power Authority0.66%
Monroe County Industrial Development Co0.64%
County Of Allen Oh Hospital Facilities0.64%
North Carolina Medical Care Commission0.63%
Alabama Toll Road Bridge And Tunnel Aut0.61%
Connecticut State Health & Educational0.58%
Colorado Health Facilities Authority0.58%
Florida Development Finance Corp0.55%
Tobacco Settlement Financing Corp0.55%
Alexandria Industrial Development Autho0.54%
Arizona Industrial Development Authorit0.53%
West Virginia Hospital Finance Authorit0.53%
Trust For Cultural Resources Of The Cit0.51%
California Statewide Communities Develo0.50%
Build Nyc Resource Corp0.49%
West Virginia Economic Development Auth0.49%
Southeast Alabama Gas Supply District/T0.49%

Weight gaps

FMUB and SHYD share no securities.

All 388 FMUB holdings⁠All 548 SHYD 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 SHYD Cost

Overpaying SHYD vs FMUB

$393

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

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

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
SHYD 0.32%
Overpaying

Year by year

Year	FMUB	SHYD	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%SHYD

FMUB0.30%SHYD0.32%

0.30%0.70%

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

FMUB cheapest of 18 funds

SHYD 2nd cheapest of 18 funds

FMUB vs SHYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMUB 3.58%; SHYD 3.64%, better
Payout (12M): FMUB $1.79; SHYD $0.82
Last payment: FMUB $0.12; SHYD $0.06
Ex-dividend: FMUB Oct 29, 2026; SHYD Oct 1, 2026
Paid on: FMUB Pays Nov 2, 2026; SHYD Oct 6, 2026
Frequency: FMUB Monthly; SHYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

SHYDMonthly · 45 paymentsAll SHYD payments⁠

FMUB vs SHYD 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 2025SHYD 3.9%
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025SHYD 0.20
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025SHYD −13.0%
Market sensitivityBeta, 5 years: FMUB 0.91SHYD 0.55; Market = 1

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