- Issuer
- F/m
- Inception Date
- Sep 29, 2025
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg Municipal Bond Currently Callable Index
- Domicile
- US
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $35M
Highlights
- Avg. Volume (1M)
- 6K
- Avg. Volume Value (1M)
- $279.15K
Share Price Chart
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Performance
ZMUN Performance Chart
F/m Ultrashort Tax-Free Municipal ETF (ZMUN) is up 2.1% since the beginning of the year. ZMUN is currently trading at $50 per share.
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Returns By Period
F/m Ultrashort Tax-Free Municipal ETF
- 1D
- 0.04%
- 1M
- 0.20%
- 6M
- 1.82%
- YTD
- 2.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
ZMUN Monthly Returns History
Based on dividend-adjusted daily data since Sep 30, 2025, ZMUN's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.
Historically, 91% of months were positive and 9% were negative. The best month was Jun 2026 with a return of +0.4%, while the worst month was Sep 2025 at -0.1%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 1 months.
On a daily basis, ZMUN closed higher 60% of trading days. The best single day was Mar 4, 2026 with a return of +0.2%, while the worst single day was Mar 5, 2026 at -0.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.26% | 0.31% | 0.39% | 0.32% | 0.24% | 0.42% | 0.14% | 2.09% | |||||
| 2025 | -0.06% | 0.18% | 0.22% | 0.32% | 0.67% |
Benchmark Metrics
F/m Ultrashort Tax-Free Municipal ETF has an annualized alpha of 3.28%, beta of 0.00, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since September 30, 2025.
- This ETF captured 5.07% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -23.82%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.01 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 0.01 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
- 3.28%
- Beta
- 0.00
- R²
- 0.01
- Upside Capture
- 5.07%
- Downside Capture
- -23.82%
Expense Ratio
ZMUN has an expense ratio of 0.30%, placing it in the medium range.
Return for Risk
Risk / Return Metrics
The table below present risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) 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.
| ZMUN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.25 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.00 | — |
| Martin ratioReturn relative to average drawdown | — | 8.49 | — |
Dividends
Dividend History
F/m Ultrashort Tax-Free Municipal ETF provided a 2.92% dividend yield over the last twelve months, with an annual payout of $1.46 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $1.46 | $0.35 |
Dividend yield | 2.92% | 0.70% |
Monthly Dividends
The table displays the monthly dividend distributions for F/m Ultrashort Tax-Free Municipal 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 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $1.11 | |||||
| 2025 | $0.07 | $0.13 | $0.16 | $0.35 |
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 F/m Ultrashort Tax-Free Municipal 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 F/m Ultrashort Tax-Free Municipal ETF was 0.13%, occurring on Jul 8, 2026. Recovery took 5 trading sessions.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-0.13%Jul 2026 | 6d | 7d | 13dJul 2026 - Jul 2026 | — |
-0.10%Oct 2025 | 6d | 9d | 15dSep 2025 - Oct 2025 | — |
-0.09%Nov 2025 | 7d | 5d | 12dOct 2025 - Nov 2025 | — |
-0.07%May 2026 | 1d | 2d | 3dMay 2026 - May 2026 | — |
-0.07%Mar 2026 | 0s | 7d | 7dMar 2026 - Mar 2026 | — |
Drawdown Indicators
| ZMUN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.13% | -56.78% | +56.65% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
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 | 0.00% | -1.58% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -10.70% | +10.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.14% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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