Fidelity Systematic Municipal Bond Index ETF
FMUN
NASDAQ Global Select- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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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 - Bonds
- Address
- 245 Summer Street Boston MA United States of America 2210
- IPO Date
- Apr 7, 2025
- Website
- fidelity.com
- Similar Companies
- Business
- Fidelity Systematic Municipal Bond Index ETF (FMUN) is a passively managed exchange-traded fund that seeks to provide a high current yield exempt from federal income tax by normally investing at least 80% of its assets in municipal securities whose interest is exempt from federal income tax, but which may be subject to the federal alternative minimum tax; it normally invests at least 80% of its assets in securities included in the Fidelity Systematic U.S. Municipal Bond IndexSM, which aims to increase exposure to municipal bonds with higher risk-adjusted performance and liquidity characteristics relative to traditional market-capitalization weighted U.S. investment grade municipal bond indices, using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to replicate index returns with a smaller number of holdings. The ETF's portfolio includes a diversified mix of revenue bonds (57.57%), general obligation bonds (40.80%), and cash equivalents, with top state exposures in California (21.26%), New York (19.03%), and Texas (6.45%); revenue sources span transportation (16.80%), state obligations (16.48%), special tax (12.80%), and others including health care, water and sewer, and higher education; credit quality is predominantly investment-grade, with AA-rated securities at 56.54%, AAA at 16.91%, and A at 23.40%. FMUN trades on the NASDAQ/NMS Global Market, with a gross/net expense ratio of 0.05%, a 30-day SEC yield of 3.58% (as of September 30, 2025), weighted average maturity of 8.70 years, effective duration of 7.22 years, and total assets under management of $168.3 million as of that date. Originally launched as a mutual fund on July 11, 2019, and managed by Fidelity Investments—headquartered at 245 Summer Street, Boston, Massachusetts, and founded in 1946—FMUN underwent a significant reorganization on April 4, 2025, converting from the predecessor Fidelity Municipal Bond Index Fund into ETF share class structure, with first exchange listing on April 7, 2025; this conversion brought approximately $229 million in assets to Fidelity's fixed income ETF lineup alongside the companion Fidelity Municipal Bond Opportunities ETF (FMUB), maintaining the same investment strategy, portfolio management team (co-managers Brandon Bettencourt since 2019 and Mark Lande since 2019), and benchmark while enhancing intraday liquidity, daily transparency of holdings, and commission-free trading access for individual investors and advisors on Fidelity's platforms. The ETF targets investors seeking tax-exempt income from U.S. investment-grade municipal bonds issued by states, localities, and related entities nationwide, fitting within the muni national intermediate category as defined by Morningstar.