- Issuer
- Fidelity
- Inception Date
- Jul 11, 2019
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $181M
Share Price Chart
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Performance
FMUN Performance Chart
Fidelity Systematic Municipal Bond Index ETF (FMUN) is up 1.3% since the beginning of the year. FMUN is currently trading at $50 per share.
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Returns By Period
Fidelity Systematic Municipal Bond Index ETF (FMUN) has returned 1.32% so far this year and 7.18% over the past 12 months.
Fidelity Systematic Municipal Bond Index ETF
- 1D
- -0.22%
- 1M
- 1.20%
- YTD
- 1.32%
- 6M
- 1.89%
- 1Y
- 7.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- 0.31%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 24.33%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
FMUN Monthly Returns History
Based on dividend-adjusted daily data since Apr 7, 2025, FMUN's average daily return is +0.02%, while the average monthly return is +0.31%. At this rate, an investment would double in approximately 18.7 years.
Historically, 73% of months were positive and 27% were negative. The best month was Sep 2025 with a return of +2.4%, while the worst month was Mar 2026 at -2.7%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 2 months.
On a daily basis, FMUN closed higher 55% of trading days. The best single day was Aug 1, 2025 with a return of +0.7%, while the worst single day was Apr 8, 2025 at -2.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.85% | 1.51% | -2.71% | 1.10% | 0.53% | 0.10% | 1.32% | ||||||
| 2025 | -1.99% | -0.32% | 0.63% | -0.12% | 1.06% | 2.39% | 1.20% | 0.32% | 0.13% | 3.28% |
Benchmark Metrics
Fidelity Systematic Municipal Bond Index ETF has an annualized alpha of 1.25%, beta of 0.08, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since April 07, 2025.
- This ETF participated in 14.01% of S&P 500 Index downside but only 9.53% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.08 may look defensive, but with R2 of 0.10 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.10 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.25%
- Beta
- 0.08
- R²
- 0.10
- Upside Capture
- 9.53%
- Downside Capture
- 14.01%
Expense Ratio
FMUN has an expense ratio of 0.05%, which is considered low.
Return for Risk
Risk / Return Rank
FMUN ranks 68 for risk / return — better than 68% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Fidelity Systematic Municipal Bond Index ETF (FMUN) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FMUN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.34 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.53 | -0.36 |
| Martin ratioReturn relative to average drawdown | 7.08 | 11.37 | -4.29 |
Dividends
Dividend History
Fidelity Systematic Municipal Bond Index ETF provided a 3.30% dividend yield over the last twelve months, with an annual payout of $1.66 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $1.66 | $1.21 |
Dividend yield | 3.30% | 2.41% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity Systematic Municipal Bond Index ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.13 | $0.13 | $0.14 | $0.14 | $0.13 | $0.00 | $0.68 | ||||||
| 2025 | $0.11 | $0.13 | $0.13 | $0.15 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $1.21 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity Systematic Municipal Bond Index ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Fidelity Systematic Municipal Bond Index ETF was 3.83%, occurring on Apr 11, 2025. Recovery took 100 trading sessions.
The current Fidelity Systematic Municipal Bond Index ETF drawdown is 1.03%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -3.83%Apr 2025 | 4d | 4mo 27d | 5mo 1dApr 2025 - Sep 2025 |
2026 pullback2026 | -3.21%Mar 2026 | 25d | — | 3mo 15dMar 2026 - now |
2025 pullback2025 | -0.52%Dec 2025 | 6d | 19d | 25dNov 2025 - Dec 2025 |
2025 pullback2025 | -0.46%Nov 2025 | 1d | 12d | 13dNov 2025 - Nov 2025 |
2025 pullback2025 | -0.43%Sep 2025 | 8d | 11d | 19dSep 2025 - Oct 2025 |
Drawdown Indicators
| FMUN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.83% | -56.78% | +52.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -9.10% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.03% | -2.34% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -10.72% | +9.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 2.02% | -1.04% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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