Fidelity Salem Street Trust - Fidelity Systematic Municipal Bond Index ETF
FMBIX
NASDAQ- -
USD
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Capital Structure
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 333 West Wacker Dr. Chicago IL United States of America 60606
- IPO Date
- Jul 17, 2019
- CIK
- 0000820892
- Similar Companies
- Business
- Fidelity Salem Street Trust - Fidelity Systematic Municipal Bond Index ETF (FMBIX) is a mutual fund offered by Fidelity Salem Street Trust, a Delaware statutory trust managed by Fidelity Management & Research Company LLC, that tracks the Fidelity Systematic Municipal Bond Index. The fund provides exposure to a diversified portfolio of investment-grade municipal bonds issued by U.S. states, territories, and local governments; these include general obligation bonds, revenue bonds, and pre-refunded municipal securities selected through a rules-based quantitative process emphasizing factors such as yield, duration, credit quality, and liquidity. It offers daily liquidity, professional management, and tax-exempt income potential for eligible investors, targeting institutional and retail clients seeking low-cost, index-based fixed income strategies in the municipal bond segment. Fidelity Salem Street Trust operates as part of the broader Fidelity Investments family, with headquarters in Boston, Massachusetts, and was established in 1988 to facilitate the launch of various index funds and ETFs. The fund's systematic approach employs proprietary multi-factor models to construct and rebalance the index quarterly, aiming for enhanced risk-adjusted returns relative to traditional market-cap-weighted municipal indices; it maintains a typical portfolio duration of 5-8 years, average credit quality of AA, and excludes tobacco settlement bonds and certain high-yield securities. Geographically, its holdings focus exclusively on U.S. municipal issuers across all 50 states and territories, serving tax-sensitive investors such as high-net-worth individuals, financial advisors, and retirement plans. In recent developments as of 2025, Fidelity Investments has expanded its municipal bond offerings through strategic enhancements to its systematic indexing methodology, incorporating ESG filters and climate-resilient issuer screens amid rising demand for sustainable fixed income products; this includes a 2024 update to the FMBIX index rules for better alignment with post-pandemic fiscal recovery trends. The firm also completed a minor share class reorganization in late 2024 to streamline institutional access, alongside partnerships with leading wirehouses for broader distribution. No major acquisitions or funding rounds affect this specific fund, but Fidelity's overall $4.9 trillion AUM growth supports ongoing product innovations in indexed municipals.