F/m Ultrashort Tax-Free Municipal ETF (ZMUN) 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 ZMUN. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to ZMUN
ZMUN charges 0.30% annually. There are 88 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% | 4.00B | Oct 2022 | ZMUN vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | ZMUN vs VTEB | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 126.55M | Aug 2025 | ZMUN vs TAXS | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 163.46M | Aug 2025 | ZMUN vs TAXI | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.72M | Aug 2025 | ZMUN vs TAXT |
Best Risk-Adjusted Alternatives to ZMUN
Among 108 ETFs in the Municipal Bonds category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | 97 | 245.94M | Nov 2018 | ZMUN vs FUMB | |
| State Street My2027 Municipal Bond ETF | 97 | 8.64M | Sep 2024 | ZMUN vs MYMG | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | ZMUN vs AUSM | |
| State Street My2026 Municipal Bond ETF | 97 | 8.73M | Sep 2024 | ZMUN vs MYMF | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.41B | Mar 2015 | ZMUN vs MEAR |
Top Performing ZMUN Alternatives (YTD)
ZMUN is at 1.88% YTD. There are 50 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.58%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.58% | 143.84M | Jun 2013 | ZMUN vs RVNU | |
| Overlay Shares Municipal Bond ETF | 4.10% | 30.60M | Sep 2019 | ZMUN vs OVM | |
| T. Rowe Price High Income Municipal ETF | 4.04% | 25.42M | Nov 2025 | ZMUN vs THYM | |
| First Trust Flexible Municipal High Income ETF | 3.99% | 20.73M | Sep 2016 | ZMUN vs MFLX | |
| Rareview Tax Advantaged Income ETF | 3.89% | 18.13M | Oct 2020 | ZMUN vs RTAI |
Lowest Volatility Alternatives to ZMUN
ZMUN has 0.54% 1-year volatility. No ETFs in the Municipal Bonds category have lower 1-year volatility; the lowest-volatility alternatives shown here go as low as 0.71%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2026 Municipal Bond ETF | 0.71% | 8.73M | Sep 2024 | ZMUN vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 408.07M | Oct 2007 | ZMUN vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.74% | 30.06M | Jul 2025 | ZMUN vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.79% | 245.94M | Nov 2018 | ZMUN vs FUMB | |
| State Street My2027 Municipal Bond ETF | 0.85% | 8.64M | Sep 2024 | ZMUN vs MYMG |
Lowest Drawdown Alternatives to ZMUN
Among 108 ETFs in the Municipal Bonds category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 245.94M | Nov 2018 | ZMUN vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 283.20M | Sep 2019 | ZMUN vs BSMQ | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.64M | Sep 2024 | ZMUN vs MYMG | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | ZMUN vs GUMI | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 581.67M | Apr 2019 | ZMUN vs IBMO |
Other ETFs from F/m Investments
The 8 most viewed F/m Investments ETFs shown here include TBIL, LFSC, UTWY and span 9 categories. AUM among these funds goes as high as $7B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| F/m US Treasury 3 Month Bill ETF | Ultrashort Bond | 100 | 1.91% | 7.15B | Aug 2022 | ZMUN vs TBIL | |
| F/m Emerald Life Sciences Innovation ETF | Health & Biotech Equities | 92 | 26.42% | 74.65M | Oct 2024 | ZMUN vs LFSC | |
| F/m US Treasury 20 Year Bond ETF | Government Bonds, Long-Term Bond | 13 | -1.11% | 8.40M | Mar 2023 | ZMUN vs UTWY | |
| F/m Opportunistic Income ETF | Intermediate Core-Plus Bond | 91 | 1.19% | 46.19M | Sep 2023 | ZMUN vs ZHOG | |
| F/m Emerald Special Situations ETF | Large Cap Growth Equities | — | 29.78% | 29.00M | Aug 2014 | ZMUN vs SPIT | |
| F/m High Yield 100 ETF | High Yield Bonds | 66 | 1.90% | 16.02M | Apr 2025 | ZMUN vs ZTOP | |
| F/m Compoundr U.S. Aggregate Bond ETF | Total Bond Market, Intermediate Core Bond | — | -0.19% | 144.85M | Aug 2025 | ZMUN vs CPAG | |
| F/m Compoundr High Yield Bond ETF | High Yield Bonds | — | 0.72% | 3.10M | Aug 2025 | ZMUN vs CPHY |
Often Compared With ZMUN
Investors most often compare ZMUN with TAXM, MFSM, FTMA. These 20 comparison targets span 1 categories, based on PortfoliosLab usage data.
Compare ZMUN with Any Fund or Stock
Compare ZMUN with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair ZMUN with funds that move differently
F/m Ultrashort Tax-Free Municipal ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to ZMUN.
Explore ZMUN Diversifiers