FMUN ETF — Fidelity Systematic Municipal Bond Index ETF

Fidelity Systematic Municipal Bond Index ETF (FMUN)

Updated October 16, 2026.

FMUN is a low-cost ETF. its distribution rate is 3.59%, its trailing-12-month yield is 3.46%, its expense ratio is 0.05%. Dividend Vision Distribution Safety Score™ is 96/100 (Safe). Total return is 1.8% over the past 1.5 years, 52.0 points behind SPY at 53.8%.

Fidelity Systematic Municipal Bond Index ETF is an ETF that tracks a custom index of U.S. investment-grade municipal bonds, seeking to emphasize securities with higher risk-adjusted performance and liquidity relative to traditional market-cap-weighted municipal bond indices; at least 80% of assets are held in municipal securities whose interest is exempt from federal income tax. The fund offers a moderate current distribution rate paid monthly and carries a very low expense ratio of 0.05%. It appeals to income-focused investors seeking tax-advantaged municipal bond exposure with a systematic, rules-based approach.

FMUN performance versus SPY

Price and return data through 2026-10-16.

Total return is 1.8% over the past 1.5 years, 52.0 points behind SPY at 53.8%. Over the past year its total return — price change plus distributions reinvested — is -1.7%. Its deepest 1-year drawdown was 7.3%.

FMUN key facts

Distribution Safety Score™

96 · Safe

Safety-Adjusted Yield

3.45%

Issuer

Fidelity Investments

Asset type

ETF

Asset class

Fixed Income

Inception date

07/11/2019

Expense ratio

0.05%

Distribution rate

3.59%

Distribution frequency

Monthly

Trailing yield

3.46%

Last close

$47.82 (as of 2026-10-16)

AUM

$169,584,492

Average volume

11131.0

Dividend

$0.143

Ex-dividend date

09/29/2026

Payment date

10/01/2026

Beta

1.02

How Dividend Vision calculates yield and returns

Distribution rate (3.59%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.46%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Fidelity Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FMUN risks and drawbacks

FMUN's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 7.3%.

Who may consider FMUN — and who may not

FMUN may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on FMUN

• All tickers starting with F

Tagged: Fixed Income.

Frequently asked questions

More securities from Fidelity Investments.