Fidelity Systematic Municipal Bond Index ETF (FMUN) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FMUN. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FMUN
FMUN charges 0.05% annually. There are 2 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | FMUN vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | FMUN vs VTEB | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 130.20M | Aug 2025 | FMUN vs TAXS | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | FMUN vs TAXT | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 169.01M | Aug 2025 | FMUN vs TAXI |
Best Risk-Adjusted Alternatives to FMUN
FMUN has a PortfoliosLab risk / return rank of 55. There are 81 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | FMUN vs MYMG | |
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | FMUN vs MYMF | |
| Allspring Ultra Short Municipal ETF | 96 | 30.06M | Jul 2025 | FMUN vs AUSM | |
| Goldman Sachs Ultra Short Municipal Income ETF | 96 | 54.13M | Jul 2024 | FMUN vs GUMI | |
| First Trust Ultra Short Duration Municipal ETF | 96 | 246.47M | Nov 2018 | FMUN vs FUMB |
Top Performing FMUN Alternatives (YTD)
FMUN is at 0.55% YTD. There are 108 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.08%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 3.08% | 4.54M | May 2023 | FMUN vs ZTAX | |
| Overlay Shares Municipal Bond ETF | 2.98% | 30.60M | Sep 2019 | FMUN vs OVM | |
| NYLI MacKay Muni Allocation ETF | 2.85% | 28.01M | Dec 2025 | FMUN vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.79% | 142.95M | Jun 2013 | FMUN vs RVNU | |
| T. Rowe Price High Income Municipal ETF | 2.68% | 26.19M | Nov 2025 | FMUN vs THYM |
Lowest Volatility Alternatives to FMUN
FMUN has 3.06% 1-year volatility. There are 94 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 34.95M | Sep 2025 | FMUN vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.64% | 8.74M | Sep 2024 | FMUN vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | FMUN vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | FMUN vs AUSM | |
| State Street My2027 Municipal Bond ETF | 0.82% | 8.63M | Sep 2024 | FMUN vs MYMG |
Lowest Drawdown Alternatives to FMUN
FMUN has a 1-year max drawdown of -3.21%. There are 97 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.23%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.23% | 246.47M | Nov 2018 | FMUN vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | FMUN vs BSMQ | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | FMUN vs MYMG | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | FMUN vs GUMI | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | FMUN vs IBMO |
Other ETFs from Fidelity
The 10 most viewed Fidelity ETFs shown here include FTEC, FDVV, FBTC and span 7 categories. AUM among these funds goes as high as $27B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Fidelity MSCI Information Technology Index ETF | Technology Equities | 59 | 27.90% | 20.96B | Oct 2013 | FMUN vs FTEC | |
| Fidelity High Dividend ETF | Large Cap Blend Equities, Dividend | 78 | 14.70% | 9.74B | Sep 2016 | FMUN vs FDVV | |
| Fidelity Wise Origin Bitcoin Fund | Cryptocurrency | 2 | -26.68% | 10.22B | Jan 2024 | FMUN vs FBTC | |
| Fidelity Total Bond ETF | Intermediate Core-Plus Bond | 27 | 0.34% | 26.62B | Oct 2014 | FMUN vs FBND | |
| Fidelity Nasdaq Composite Index ETF | Large Cap Growth Equities | 55 | 15.38% | 10.69B | Sep 2003 | FMUN vs ONEQ | |
| Fidelity Blue Chip Growth ETF | Large Cap Growth Equities | 42 | 14.13% | 6.97B | Jun 2020 | FMUN vs FBCG | |
| Fidelity Enhanced Large Cap Core ETF | Large Cap Blend Equities | 79 | 15.39% | 7.88B | Apr 2007 | FMUN vs FELC | |
| Fidelity MSCI Utilities Index ETF | Utilities Equities | 15 | 4.40% | 2.35B | Oct 2013 | FMUN vs FUTY | |
| Fidelity Ethereum Fund | Cryptocurrency | 3 | -36.98% | 750.93M | Jul 2024 | FMUN vs FETH | |
| Fidelity Enhanced Large Cap Growth ETF | Large Cap Growth Equities | 34 | 7.04% | 5.65B | Nov 2023 | FMUN vs FELG |
Often Compared With FMUN
Investors most often compare FMUN with FMUB, MUB, FAPGX. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.
Compare FMUN with Any Fund or Stock
Compare FMUN with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FMUN with funds that move differently
Fidelity Systematic Municipal Bond Index ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FMUN.
Explore FMUN Diversifiers