ZMUN ETF — F/m Callable Tax-Free Municipal ETF

F/m Callable Tax-Free Municipal ETF (ZMUN)

Updated October 16, 2026.

ZMUN is an ETF. its distribution rate is 3.98%, its trailing-12-month yield is 3.59%, its expense ratio is 0.30%. Dividend Vision Distribution Safety Score™ is 93/100 (Safe). Total return is 3.1% over the past year, 12.7 points behind SPY at 15.8%.

This ETF invests at least 80% of its assets in U.S. municipal investment-grade bonds that are exempt from federal and certain state taxes and are currently callable or callable within the next three months. The fund carries a current distribution rate in the mid-single-digit range, pays distributions monthly, and has an expense ratio of 0.30%. It appeals to income-focused investors seeking tax-advantaged municipal bond income, though the non-diversified structure and focus on callable bonds presents distinct characteristics compared to broader municipal bond funds.

ZMUN performance versus SPY

Price and return data through 2026-10-16.

Total return is 3.1% over the past year, 12.7 points behind SPY at 15.8%. Its deepest 1-year drawdown was 1.0%.

ZMUN key facts

Distribution Safety Score™

93 · Safe

Safety-Adjusted Yield

3.70%

Issuer

F/m Investments

Asset type

ETF

Asset class

Fixed Income

Inception date

09/29/2025

Expense ratio

0.30%

Distribution rate

3.98%

Distribution frequency

Monthly

Trailing yield

3.59%

Last close

$49.81 (as of 2026-10-16)

AUM

$34,715,233

Average volume

4103.0

Dividend

$0.165

Ex-dividend date

09/28/2026

Payment date

09/29/2026

Beta

0.0026

How Dividend Vision calculates yield and returns

Distribution rate (3.98%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.59%) 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: F/m 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.

ZMUN risks and drawbacks

ZMUN'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 1.0%.

Who may consider ZMUN — and who may not

ZMUN may suit someone looking for 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 ZMUN

• All tickers starting with Z

Tagged: Fixed Income.

Frequently asked questions

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