FMUNvsVTELETF Comparison
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Fidelity Systematic Municipal Bond Index ETF (FMUN) and Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) belong to the same industry segment: Municipal Bonds. FMUN's top 2 sector exposures are Municipal and Non-Corporate. In contrast, VTEL's top sector exposures are Municipal. FMUN is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.09% for VTEL. FMUN is down -2.47% year-to-date (YTD) with +$7M in YTD flows. VTEL performs worse with -2.99% YTD performance, and +$320M in YTD flows. Run a side-by-side ETF comparison of FMUN and VTEL 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 VTEL 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 VTEL | -0.39%-0.39% | -3.71%-4.81% | -2.47%-2.99% | -2.04%-2.48% | n/an/a | n/an/a |
| Flows | FMUN VTEL | -$5M+$84M | -$5M+$203M | +$7M+$320M | +$9M+$387M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMUN VTEL | +5.47%+6.79% | +3.47%+4.27% | n/an/a | n/an/a |
| Max drawdown | FMUN VTEL | -6.21%-7.63% | -6.93%-8.55% | n/an/a | n/an/a |
| Max drawdown duration | FMUN VTEL | 92d92d | 229d102d | n/an/a | n/an/a |
Trading data
FMUN | VTEL | |
Last sale 10/19/2026 at 1:30 PM | $47.82 | $97.31 |
| Previous close 10/16/2026 | $47.82 | $97.32 |
| 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 | VTEL | |
|---|---|---|
| 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 | VTEL | |
|---|---|---|
| Last price | $47.82 | $97.31 |
| 1D performance | -0.01% | -0.01% |
| AuM | $169.28 M | $477.65 M |
| E/R | 0.05% | 0.09% |
Characteristics
FMUN | VTEL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Fidelity | Vanguard |
| Benchmark | Fidelity Systematic U.S. Municipal Bond Index | S&P 10+ Year National AMT-Free Municipal Bond Index |
| N° of holdings | 732 | 2379 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 8, 2025 | May 20, 2025 |
| ESG | No | No |
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Exposure
Countries
FMUN
USA
58.42%
Other
41.58%
VTEL
USA
56.27%
Other
43.73%
Sectors
FMUN
Municipal
58.22%
Other
41.78%
VTEL
Municipal
56.27%
Other
43.73%
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Diversification
FMUN
Total weight of top 15 holdings out of 15
9.69%
VTEL
Total weight of top 15 holdings out of 15
1.79%
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%
VTEL
US13063EVD56
0.17%
US13063EUG96
0.16%
California, 5% 1aug2050, USD
0.14%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.13%
County of Jefferson (AL), 5.5% 1oct2053, USD (2024)
0.13%
US64972JN619
0.13%
New York Municipal Water Finance Authority, 5.25% 15jun2053, USD (2025)
0.12%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.11%
US64972JDG04
0.11%
California, 5% 1aug2042, USD
0.11%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.10%
New Jersey Turnpike Authority, 5% 1jan2052, USD (2026)
0.10%
New York Urban Development Corp., 5% 15mar2043, USD (2020C)
0.10%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.10%
New York Metropolitan Transportation Authority, 4% 15nov2036, USD (2016B)
0.10%
Frequently asked questions about FMUN and VTEL
How have the FMUN and VTEL ETFs performed in 2026?
As of October 16, 2026, FMUN is down -2.47% year-to-date (YTD), while VTEL has lost -2.99%. That puts FMUN better performer ahead so far this year.
Which ETF is attracting more investor money: FMUN or VTEL?
Year-to-date, the FMUN ETF saw +$7M in flows, compared to +$320M for VTEL.
Which ETF is more volatile: FMUN or VTEL?
Over the past year, FMUN had a volatility of 3.47%, while VTEL experienced 4.27%.
Which ETF is bigger: FMUN or VTEL?
As of October 16, 2026, FMUN holds $169.28 M in assets under management (AUM), while VTEL manages $477.65 M.
What sectors do the FMUN and VTEL ETFs invest in?
FMUN leans toward sectors like Municipal. Meanwhile, VTEL focuses on Municipal.
What are the top holdings of the FMUN ETF and VTEL ETF?
FMUN top holdings include California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29. VTEL holds in its top three: US13063EVD56, US13063EUG96 and California, 5% 1aug2050, USD.
Which ETF is more diversified: FMUN or VTEL?
FMUN holds 1169 securities with 9.69% of its assets in the top 15. VTEL has 4654 securities and a top 15 weight of 1.79%.
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