FMUNvsSCMBETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and Schwab Municipal Bond ETF (SCMB) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, SCMB's top sector exposures are Municipal. FMUN is more expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.03% for SCMB. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. SCMB performs better with -2.36% YTD performance, and +$1.12B in YTD flows. Run a side-by-side ETF comparison of FMUN and SCMB below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FMUN vs SCMB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FMUN SCMB | -0.39%-0.19% | -3.71%-3.55% | -2.47%-2.36% | -2.04%-1.83% | n/a+9.65% | n/an/a |
| Flows | FMUN SCMB | -$5M+$110M | -$5M-$169M | +$7M+$1.12B | +$9M+$1.43B | -+$3.65B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN SCMB | +5.47%+5.42% | +3.47%+3.39% | n/a+3.88% | n/an/a |
| Max drawdown | FMUN SCMB | -6.21%-6.09% | -6.93%-6.81% | n/a-6.81% | n/an/a |
| Max drawdown duration | FMUN SCMB | 92d92d | 229d103d | n/a103d | n/an/a |
Trading data
FMUN | SCMB | |
Last sale 10/19/2026 at 1:30 PM | $47.82 | $24.47 |
| Previous close 10/16/2026 | $47.82 | $24.49 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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FMUN | SCMB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 1:30 PM
Live
Closed
FMUN | SCMB | |
|---|---|---|
| Last price | $47.82 | $24.47 |
| 1D performance | -0.01% | -0.08% |
| AuM | $169.28 M | $3.66 B |
| E/R | 0.05% | 0.03% |
Characteristics
FMUN | SCMB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | Schwab ETFs |
| Benchmark | Fidelity Systematic U.S. Municipal Bond Index | ICE AMT-Free Core U.S. National Municipal Index |
| N° of holdings | 732 | 302 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | October 12, 2022 |
| ESG | No | No |
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Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
SCMB
USA
58.8%
Other
41.2%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
SCMB
Municipal
58.8%
Other
41.2%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
SCMB
Total weight of top 15 holdings out of 15
8.86%
Top 15 holdings
Data as of August 31, 2026
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.24%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.61%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.53%
California, 5% 1aug2035, USD
0.50%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.50%
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
0.48%
Triborough Bridge and Tunnel Authority, 4% 15may2046, USD (2021A)
0.47%
US452153JU45
0.46%
New York Transportation Development Corp., 5.375% 30jun2060, USD (2023)
0.44%
US56035DGT37
0.41%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.39%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.38%
SCMB
New York Municipal Water Finance Authority, FRN 15jun2041, USD (2026)
1.11%
US59261A3T29
0.97%
University of California, 5% 15nov2041, USD (2026)
0.76%
Massachusetts, 5% 1nov2043, USD (2017)
0.70%
Pennsylvania, 4% 1mar2036, USD
0.56%
City of New York, FRN 1apr2042, USD
0.56%
University of California, 5% 15nov2035, USD (2026)
0.48%
US68607DXA89
0.47%
US544647HQ66
0.47%
US74265L3A45
0.47%
US592112XL58
0.47%
City of New York, 5% 1aug2032, USD (2022)
0.46%
City of New York, 5.4% 1aug2006, USD
0.46%
US709225GV28
0.46%
California, 5% 1sep2031, USD
0.46%
Frequently asked questions about FMUN and SCMB
How have the FMUN and SCMB ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while SCMB has lost -2.36%. That puts SCMB better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or SCMB?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$1.12B for SCMB.
Which ETF is more volatile: FMUN or SCMB?
Over the past year, FMUN had a volatility of 3.47%, while SCMB experienced 3.39%.
Which ETF is bigger: FMUN or SCMB?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while SCMB manages $3.66 B.
What sectors do the FMUN and SCMB ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, SCMB focuses on Municipal.
What are the top holdings of the FMUN ETF and SCMB ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. SCMB holds in its top three: New York Municipal Water Finance Authority, FRN 15jun2041, USD (2026), US59261A3T29 and University of California, 5% 15nov2041, USD (2026).
Which ETF is more diversified: FMUN or SCMB?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. SCMB has 522 securities and a top 15 weight of 8.86%.
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