FMUNvsTAFLETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and AB Tax-Aware Long Municipal ETF (TAFL) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, TAFL's top sector exposures are Municipal. FMUN is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.28% for TAFL. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. TAFL performs better with -2.12% YTD performance, and +$16M in YTD flows. Run a side-by-side ETF comparison of FMUN and TAFL 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 TAFL 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 TAFL | -0.39%-0.81% | -3.71%-4.44% | -2.47%-2.12% | -2.04%-1.90% | n/an/a | n/an/a |
| Flows | FMUN TAFL | -$5M-$5M | -$5M+$3M | +$7M+$16M | +$9M+$31M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN TAFL | +5.47%+6.63% | +3.47%+4.12% | n/an/a | n/an/a |
| Max drawdown | FMUN TAFL | -6.21%-7.06% | -6.93%-7.70% | n/an/a | n/an/a |
| Max drawdown duration | FMUN TAFL | 92d92d | 229d102d | n/an/a | n/an/a |
Trading data
FMUN | TAFL | |
Last sale 10/19/2026 at 1:30 PM | $47.82 | $23.63 |
| Previous close 10/16/2026 | $47.82 | $23.67 |
| 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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TAFL
is actively managed and doesn’t replicate an indexFMUN | TAFL | |
|---|---|---|
| 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 | TAFL | |
|---|---|---|
| Last price | $47.82 | $23.63 |
| 1D performance | -0.01% | -0.17% |
| AuM | $169.28 M | $60.41 M |
| E/R | 0.05% | 0.28% |
Characteristics
FMUN | TAFL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Fidelity | AllianceBernstein |
| Benchmark | Fidelity Systematic U.S. Municipal Bond Index | - |
| N° of holdings | 732 | 66 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | December 13, 2023 |
| ESG | No | No |
Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
TAFL
USA
58.25%
Other
41.75%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
TAFL
Municipal
58.25%
Other
41.75%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
TAFL
Total weight of top 15 holdings out of 15
27%
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%
TAFL
US896035DE92
2.72%
Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025)
2.34%
Chicago, 5.25% 1nov2061, USD (2026A)
2.26%
West Linn-Wilsonville School District №3JT, 5% 15jun2046, USD (2026B)
1.93%
New York Dormitory Authority, 5% 15mar2055, USD (2025C)
1.80%
South Carolina Public Service Authority, 5.25% 1dec2054, USD (2024)
1.77%
US494791UA28
1.60%
US13048V7N23
1.60%
US544525X784
1.59%
US59333P7M43
1.58%
California Community Choice Financing Authority, 5% 1feb2055, USD (2024D)
1.58%
Cuyahoga, 5.5% 1dec2061, USD (2026)
1.56%
US544446BT39
1.56%
Chicago O'Hare International Airport, 5.25% 1jan2040, USD (2025A)
1.56%
US79574CFC29
1.56%
Frequently asked questions about FMUN and TAFL
How have the FMUN and TAFL ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while TAFL has lost -2.12%. That puts TAFL better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or TAFL?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$16M for TAFL.
Which ETF is more volatile: FMUN or TAFL?
Over the past year, FMUN had a volatility of 3.47%, while TAFL experienced 4.12%.
Which ETF is bigger: FMUN or TAFL?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while TAFL manages $60.41 M.
What sectors do the FMUN and TAFL ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, TAFL focuses on Municipal.
What are the top holdings of the FMUN ETF and TAFL ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. TAFL holds in its top three: US896035DE92, Wisconsin Public Finance Authority, 5.75% 31dec2065, USD (2025) and Chicago, 5.25% 1nov2061, USD (2026A).
Which ETF is more diversified: FMUN or TAFL?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. TAFL has 127 securities and a top 15 weight of 27%.
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