Fidelity Municipal Bond Opportunities ETF
FMUB
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 245 Summer Street Boston MA United States of America 2210
- IPO Date
- Apr 7, 2025
- Website
- digital.fidelity.com
- Similar Companies
- Business
- Fidelity Municipal Bond Opportunities ETF (FMUB) is an actively managed exchange-traded fund that seeks to provide a high current yield exempt from federal income tax, with growth of capital also considered. The fund, issued by Fidelity Merrimack Street Trust and managed by Fidelity Investments, normally invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax; up to 30% in lower-quality debt securities of less than investment-grade quality, also known as high yield or junk bonds; and up to 20% in non-exempt securities including taxable municipal bonds, U.S. Treasury and government agency issues, and investment-grade corporate bonds. It may also engage in leveraging transactions through derivatives such as swaps, options, futures contracts, and forward-settling securities to adjust risk exposure. The ETF targets the municipal bond sector, with a focus on broad credit across intermediate maturities; portfolio characteristics include a weighted average maturity of 7.70 years, duration of 6.33 years, and holdings diversified across revenue bonds (76.38%), general obligation bonds (20.21%), and top states such as Texas (12.62%), Illinois (10.73%), and Florida (5.21%); revenue sources emphasize transportation (17.63%), health care (16.26%), and corporate-backed obligations (13.88%). Credit quality allocation features AA-rated securities (41.67%), A-rated (28.65%), and BBB-rated (11.12%), with 21.14% of income subject to the alternative minimum tax. It serves tax-sensitive investors seeking income from U.S. municipal bonds, with approximately 378 total holdings and a net expense ratio of 0.30%. Originally launched as a mutual fund (Fidelity Municipal Core Plus Bond Fund) on February 16, 2023, the ETF underwent a significant reorganization on April 4, 2025, when the predecessor fund was converted into FMUB and first listed on the Nasdaq Global Market on April 7, 2025, alongside Fidelity Systematic Municipal Bond Index ETF (FMUN). This conversion expanded Fidelity's fixed income ETF lineup amid rising demand for municipal bond ETFs, with portfolio assets at approximately $127.9-$140 million as of late 2025. Fidelity Investments, headquartered in Boston, Massachusetts, operates the ETF through its brokerage platforms on a commission-free basis for eligible investors.