FMUB vs THYM: Grades, Fees and Holdings Compared

Fidelity Municipal Bond Opportunities ETF

FMUBANasdaq

T. Rowe Price High Income Municipal ETF

THYMBNasdaq

Overlap

No data

Expense ratio

FMUB −0.02pt a year

FMUB0.30%THYM0.32%

Avg volume · 30D

FMUB 20.5×the volume

FMUB97.3KTHYM4.74K

FMUB vs THYM Performance

Dec 31, 2025 – Nov 2, 2026

+0.8%FMUB+1.0%THYM

Expense ratio: FMUB 0.30%, better; THYM 0.32%
Fund size: FMUB $246M; THYM $34M
1Y total return: FMUB +1.1%; THYM No data
Yield (12M): FMUB 3.58%; THYM No data
Holdings: FMUB 711; THYM 289
Avg volume (30D): FMUB 97.3K sh, better; THYM 4.74K sh
NAV per share: FMUB $49.75; THYM $48.61
52W range

ETF.net Grade

Pillar letters and Scores for FMUB, THYM, with each pillar’s weight
Pillar	FMUB	THYM
Cost30% weight	A100Higher	A89
Mission25% weight	A89Higher	A85
Risk15% weight	B61Higher	D37
Tradability15% weight	C41Higher	D33
Holdings10% weight	D27	A74Higher
Durability5% weight	C49Higher	F15

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMUB and THYM 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 THYM 7th 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 6BFTMHFranklin Municipal High Yield ETFScore 68
Rank 7BTHYMT. Rowe Price High Income Municipal ETFScore 66
Rank 8BHIMUIshares High Yield Muni Active ETFScore 65

Our read on each fund

ETF.net Research

FMUBAFidelity Municipal Bond Opportunities ETF

THYMBT. Rowe Price High Income 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.

THYM The credit-risk end of T. Rowe Price's muni lineup: an active ETF chasing federally tax-exempt income in longer-term, low- to upper-medium quality bonds, terrain its muni desk has worked since 1985.

Stated mandate

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

THYM The fund seeks a high level of income 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.

THYM Active by design: T. Rowe's municipal team picks longer-term, lower-rated bonds one credit at a time, rather than tracking an index.troweprice.com
The stated job is a high level of income exempt from federal income tax, with distributions declared monthly.
Fee is 0.32%, close to what the typical muni ETF charges, for a strategy that leans on analysts instead of an index.troweprice.com
It slots in as the credit sleeve of T. Rowe's muni ETF shelf, which already spans short, intermediate and long investment-grade maturities.troweprice.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.

THYM Index heavyweights are far cheaper: VTEB runs 0.03% and MUB 0.05%. Here the fee buys credit research, not broad market exposure.
Low- to upper-medium quality munis bring real default and liquidity risk, and longer maturities swing more when rates move.troweprice.com
A November 2025 launch, small and thinly traded so far, which can mean wider bid-ask spreads than the long-established index munis.

Full FMUB profile⁠

Full THYM profile⁠

FMUB vs THYM Holdings

How FMUB and THYM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile93.3%
Asset classFixed Income100%

Sector

No Sector split for FMUB and THYM.

Country, concentration and asset class

Country by domicile

Country weights in FMUB and THYM, widest gap first
Country	More in FMUBMore in THYM	FMUB	THYM
United States	FMUB +6.7 points	99.6%	92.9%
U.S. Virgin Islands	THYM +6.7 points	0.4%	7.1%

Concentration

Weight in the 10 largest Holdings

FMUB25.3%
THYM10.8%

Securities held

FMUB700
THYM289

Asset class

FMUB: Fixed Income
THYM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FMUB holds 700 securities, THYM 289.

All 388 FMUB holdings⁠All THYM 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 THYM Cost

Overpaying THYM vs FMUB

$393

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

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

Amount$10,000

Years30 years

Cost over time

FMUB 0.30%
THYM 0.32%
Overpaying

Year by year

Year	FMUB	THYM	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%THYM

FMUB0.30%THYM0.32%

0.30%0.70%

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

FMUB cheapest of 18 funds

THYM 2nd cheapest of 18 funds

FMUB vs THYM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FMUB 3.58%; THYM No data
Payout (12M): FMUB $1.79; THYM No data
Last payment: FMUB $0.12; THYM $0.18
Ex-dividend: FMUB Oct 29, 2026; THYM Oct 27, 2026
Paid on: FMUB Nov 2, 2026; THYM Oct 29, 2026
Frequency: FMUB Monthly; THYM Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

FMUBMonthly · 20 paymentsAll FMUB payments⁠

THYMMonthly · 11 paymentsAll THYM payments⁠

FMUB vs THYM 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 2025THYM No data
Return per unit of riskSharpe ratio, 3 years: FMUB 0.04since May 2025THYM No data
Worst fallMax drawdown, 5 years: FMUB −6.1%since Apr 2025THYM No data
Market sensitivityBeta, 5 years: FMUB 0.91THYM 0.18; Market = 1

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