ETF Evaluator:
Fidelity Municipal Bond Opports ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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Risk
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ETF Details
Fidelity Municipal Bond Opports ETF Overview
Fidelity Municipal Bond Opports ETF (FMUB) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2023.
The investment seeks to provide a high current yield exempt from federal income tax; growth of capital may also be considered.
The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax. The fund invests up to 30% of assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).
About Fidelity Municipal Bond Opports ETF (FMUB)
There are 3 members of the management team with an average tenure of 3.45 years: Cormac Cullen (2023), Elizah McLaughlin (2023) and Michael Maka (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 4 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100%, Bloomberg 10+ Y Municipal Bond TR USD index with a weighting of 30%, Bloomberg Muni 1-10yr TR USD index with a weighting of 60% and Bloomberg HY Muni TR USD index with a weighting of 10%. Fidelity Municipal Bond Opports ETF has 597 securities in its portfolio. The top 10 holdings constitute 14.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Municipal Bond Opports ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Fidelity Municipal Bond Opports ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.6% (96.0% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Fidelity Municipal Bond Opports ETF has 6.4% of the portfolio in cash.
Assets Under Management
The fund has $242 million in total assets, which is below the $2 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FMUB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Municipal Bond Opports ETF expense ratio is below average compared to funds in the Muni National Interm category. Fidelity Municipal Bond Opports ETF has an expense ratio of 0.30%, which is 6% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Municipal Bond Opports ETF has a portfolio turnover rate of 39%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, Fidelity Municipal Bond Opports ETF returned -1.5%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Municipal Bond Opports ETF has a trailing yield of 3.36%, which is below the 3.53% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Municipal Bond Opports ETF Grades
Year to date, the ETF has returned 0.9%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.5% over the past year (grade of B) and 4.1% over the past three years (grade of A).
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FMUB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FMUB Return (NAV) | -1.5% | -0.2% | 5.5% | 4.1% | na | na |
| FMUB Return (Price) | -1.6% | -0.1% | 5.3% | 4.2% | na | na |
| NAV +/- Price Return | 0.043% | -0.027% | 0.174% | -0.165% | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| FMUB Grade (NAV) | B | A | B | A | na | na |
| +/- Category (NAV) | 0.1% | 0.3% | 0.5% | 0.8% | na | na |
| FMUB Tax-Cost Ratio | na | na | 0.1% | 0.0% | na | na |
FMUB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMUB Return (NAV) | 0.9% | 5.5% | 1.8% | na | na | na | na | na | na | na | na |
| FMUB Return (Price) | 0.9% | 5.9% | 1.8% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.065% | 0.081% | 0.000% | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| FMUB Grade (NAV) | A | A | C | na | na | na | na | na | na | na | na |
| +/- Category | 0.5% | 0.8% | -0.1% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.91 |
| R-Squared: | 98% |
| Standard Deviation: | 5.2% |
| Category Risk Index: | 1.05 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.43 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.4% |
| Total Assets: | $ 243 Mil |
| Share Class Assets: | $ 243 Mil |
| Turnover: | 39.0% |
| Expense Ratio: | 0.30% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Cullen Cormac (2023), McLaughlin Elizah (2023), Maka Michael (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 597 |
| % in Top 10 Holdings: | 14.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.0% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | -3.0% |
| Cash: | 6.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 202-371-8300 |
| Website: | |
| Inception Date: | February 16, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.30% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
