TPLSvsFMUNETF Comparison
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Thornburg Core Plus Bond ETF (TPLS) belongs to the Intl Aggregate Bonds segment. Fidelity Systematic Municipal Bond Index ETF (FMUN) is part of the Municipal Bonds segment. TPLS's top 3 sector exposures are Sovereign, Finance and Industrials. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. TPLS is more expensive with a Total Expense Ratio (TER) of 0.45%, versus 0.05% for FMUN. TPLS is down -0.15% year-to-date (YTD) with -$4M in YTD flows. FMUN performs worse with -0.55% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of TPLS and FMUN 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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TPLS vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TPLS FMUN | +0.15%-0.76% | -0.71%-1.92% | -0.15%-0.55% | +2.39%+3.64% | n/an/a | n/an/a |
| Flows | TPLS FMUN | -- | -$5M+$3M | -$4M+$12M | -$4M+$14M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TPLS FMUN | +3.94%+2.78% | +3.85%+2.70% | n/an/a | n/an/a |
| Max drawdown | TPLS FMUN | -1.90%-2.57% | -2.99%-2.86% | n/an/a | n/an/a |
| Max drawdown duration | TPLS FMUN | 65d58d | 185d185d | n/an/a | n/an/a |
Trading data
TPLS | FMUN | |
Last sale 9/3/2026 at 1:30 PM | $24.69 | $48.75 |
| Previous close 09/02/2026 | $24.68 | $48.73 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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TPLS
is actively managed and doesn’t replicate an indexTPLS | FMUN | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 1:30 PM
Live
Closed
TPLS | FMUN | |
|---|---|---|
| Last price | $24.69 | $48.75 |
| 1D performance | +0.04% | +0.03% |
| AuM | $14.77 M | $178.50 M |
| E/R | 0.45% | 0.05% |
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Exposure
Countries
TPLS
USA
56.8%
Other
43.2%
FMUN
USA
58.77%
Other
41.23%
Sectors
TPLS
Sovereign
17.15%
Finance
11.66%
Industrials
8.17%
Other
63.02%
FMUN
Municipal
58.52%
Other
41.48%
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Diversification
TPLS
Total weight of top 15 holdings out of 15
27.78%
FMUN
Total weight of top 15 holdings out of 15
9.67%
Top 15 holdings
Data as of July 31, 2026
TPLS
USA, STRIPS 0% 15may2045, USD (10958D)
8.52%
USA, STRIPS 0% 15feb2056, USD (10955D)
4.94%
Thornburg Capital Management Fund
2.56%
US693981AC68
1.63%
USA, TIPS 0.125% 15feb2051, USD
1.18%
FR SD8533, 5.5% 1may2055, USD (ABS)
1.16%
US31418EU999
1.05%
FN MA5910, 5.5% 1dec2055, USD (ABS)
1.04%
US3140XRWW19
1.03%
US3132DP3J51
0.92%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.90%
US3140W6XM92
0.73%
US00969YAA29
0.73%
US85573HAA86
0.71%
US233824AA90
0.67%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.23%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.60%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.52%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.51%
California, 5% 1aug2035, USD
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%
Frequently asked questions about TPLS and FMUN
How have the TPLS and FMUN ETFs performed in 2026?
As of September 2, 2026, TPLS is down -0.15% year-to-date (YTD), while FMUN has lost -0.55%. That puts TPLS better performer ahead so far this year.
Which ETF is attracting more investor money: TPLS or FMUN?
Year-to-date, the TPLS ETF saw -$4M in flows, compared to +$12M for FMUN.
Which ETF is more volatile: TPLS or FMUN?
Over the past year, TPLS had a volatility of 3.85%, while FMUN experienced 2.7%.
Which ETF is bigger: TPLS or FMUN?
As of September 2, 2026, TPLS holds $14.77 M in assets under management (AUM), while FMUN manages $178.50 M.
What sectors do the TPLS and FMUN ETFs invest in?
TPLS leans toward sectors like Sovereign, Finance and Industrials. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the TPLS ETF and FMUN ETF?
TPLS top holdings include USA, STRIPS 0% 15may2045, USD (10958D), USA, STRIPS 0% 15feb2056, USD (10955D) and Thornburg Capital Management Fund. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: TPLS or FMUN?
TPLS holds 344 securities with 27.78% of its assets in the top 15. FMUN has 1171 securities and a top 15 weight of 9.67%.
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