FMUB vs SHYM: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

iShares Short Duration High Yield Muni Active ETF

SHYMBCboe

Overlap

No data

Expense ratio

FMUB −0.10pt a year

FMUB0.30%SHYM0.40%

Avg volume · 30D

SHYM 4.6×the volume

FMUB97.3KSHYM449K

FMUB vs SHYM Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%FMUB+2.3%SHYM

Expense ratio: FMUB 0.30%, better; SHYM 0.40%
Fund size: FMUB $246M; SHYM $917M
1Y total return: FMUB +1.1%; SHYM +2.3%, better
Yield (12M): FMUB 3.58%; SHYM 4.33%, better
Holdings: FMUB 702; SHYM 547
Avg volume (30D): FMUB 97.3K sh; SHYM 449K sh, better
NAV per share: FMUB $49.75; SHYM $21.84
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, SHYM, with each pillar’s weight
Pillar	FMUB	SHYM
Cost30% weight	A100Higher	C47
Mission25% weight	A89Higher	A81
Risk15% weight	B61	B65Higher
Tradability15% weight	C41	B64Higher
Holdings10% weight	D27	C46Higher
Durability5% weight	C49	A71Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and SHYM 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 SHYM 9th 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 8BHIMUIshares High Yield Muni Active ETFScore 65
Rank 9BSHYMiShares Short Duration High Yield Muni Active ETFScore 62
Rank 10BIROCInvesco Rochester High Yield Municipal ETFScore 61

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

SHYMBiShares Short Duration High Yield Muni Active 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.

SHYM High-yield munis on a short leash. iShares runs this one actively instead of tracking an index, aiming at tax-free income first and capital gains second, across roughly 500 bonds, with cash out monthly.

Stated mandate

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

SHYM The fund is actively managed to provide exposure to U.S. short-duration, high-yield municipal bonds, seeking higher tax-free income while managing interest-rate risk.

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.

SHYM Actively managed, not index-shadowing: the team picks the credits itself, unlike index-based short high-yield muni peers such as SHYD.ishares.com vaneck.com
0.40% net of a waiver through June 30, 2027 (0.42% gross), which lands near the typical fee among high-yield muni ETFs.
Income is paid monthly, and the stated mandate puts tax-free current income first, capital appreciation second.ishares.com
Live since its 2021 launch under the iShares banner, spreading its bets across roughly 500 municipal bonds.

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.

SHYM Cheaper options sit in the same aisle: FMUB at 0.30% and SHYD at 0.32%, neither leaning on a waiver.
High yield means below-investment-grade credit. The short-duration tilt dials down interest-rate sensitivity, not default risk.ishares.com
No index to grade the manager against, and the fund sits in the lower half of its high-yield muni peer group on our review.

Full FMUB profile⁠

Full SHYM profile⁠

FMUB vs SHYM Holdings

How FMUB and SHYM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile94.6%
Asset classFixed Income100%

Sector

No Sector split for FMUB.

Country, concentration and asset class

Country by domicile

Country weights in FMUB and SHYM, widest gap first
Country	More in FMUBMore in SHYM	FMUB	SHYM
United States	FMUB +5.4 points	99.6%	94.2%
U.S. Virgin Islands	SHYM +5.2 points	0.4%	5.6%
Canada	SHYM +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

FMUB21.6%
SHYM15.9%

Securities held

FMUB690
SHYM534

Asset class

FMUB: Fixed Income
SHYM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMUB holds 690 securities, SHYM 534.

All 388 FMUB holdings⁠All 542 SHYM 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 SHYM Cost

Overpaying SHYM vs FMUB

$1,941

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

FMUB 0.30%
$6,149
SHYM 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
SHYM 0.40%
Overpaying

Year by year

Year	FMUB	SHYM	Overpaying
10	$545	$723	$178
20	$2,113	$2,793	$680
30	$6,149	$8,090	$1,941

Expense ratio

0.30%FMUB, cheaper
0.40%SHYM

FMUB0.30%SHYM0.40%

0.30%0.70%

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

FMUB cheapest of 18 funds

SHYM 11th cheapest of 18 funds

FMUB vs SHYM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMUB 3.58%; SHYM 4.33%, better
Payout (12M): FMUB $1.79; SHYM $0.95
Last payment: FMUB $0.12; SHYM $0.08
Ex-dividend: FMUB Oct 29, 2026; SHYM Oct 1, 2026
Paid on: FMUB Pays Nov 2, 2026; SHYM Oct 6, 2026
Frequency: FMUB Monthly; SHYM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

SHYMMonthly · 45 paymentsAll SHYM payments⁠

FMUB vs SHYM 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 2025SHYM 6.6%
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025SHYM 0.51
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025SHYM −21.6%
Market sensitivityBeta, 5 years: FMUB 0.91SHYM 0.42; Market = 1

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