VTELvsFMUNETF Comparison
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Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. VTEL's top 1 sector exposures are Municipal. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. VTEL is more expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.05% for FMUN. VTEL is down -0.84% year-to-date (YTD) with +$196M in YTD flows. FMUN performs better with -0.55% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of VTEL 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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VTEL 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. | VTEL FMUN | -1.34%-0.76% | -2.78%-1.92% | -0.84%-0.55% | +4.93%+3.64% | n/an/a | n/an/a |
| Flows | VTEL FMUN | +$43M- | +$92M+$3M | +$196M+$12M | +$296M+$14M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEL FMUN | +3.48%+2.78% | +3.33%+2.70% | n/an/a | n/an/a |
| Max drawdown | VTEL FMUN | -3.66%-2.57% | -3.66%-2.86% | n/an/a | n/an/a |
| Max drawdown duration | VTEL FMUN | 58d58d | 58d185d | n/an/a | n/an/a |
Trading data
VTEL | FMUN | |
Last sale 9/3/2026 at 4:09 PM | $100.20 | $48.93 |
| Previous close 09/02/2026 | $100.02 | $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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VTEL | 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 4:09 PM
Live
Closed
VTEL | FMUN | |
|---|---|---|
| Last price | $100.20 | $48.93 |
| 1D performance | +0.18% | +0.41% |
| AuM | $362.39 M | $178.50 M |
| E/R | 0.09% | 0.05% |
Characteristics
VTEL | FMUN | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Fidelity |
| Benchmark | S&P 10+ Year National AMT-Free Municipal Bond Index | Fidelity Systematic U.S. Municipal Bond Index |
| N° of holdings | 2271 | 739 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 20, 2025 | April 8, 2025 |
| ESG | No | No |
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Exposure
Countries
VTEL
USA
58.08%
Other
41.92%
FMUN
USA
58.77%
Other
41.23%
Sectors
VTEL
Municipal
58.08%
Other
41.92%
FMUN
Municipal
58.52%
Other
41.48%
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Diversification
VTEL
Total weight of top 15 holdings out of 15
1.86%
FMUN
Total weight of top 15 holdings out of 15
9.67%
Top 15 holdings
Data as of July 31, 2026
VTEL
California, 5% 1aug2050, USD
0.16%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.15%
US64972JN619
0.15%
New York Municipal Water Finance Authority, 5.25% 15jun2053, USD (2025)
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.13%
US64972JDG04
0.13%
California, 5% 1aug2042, USD
0.12%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.12%
New Jersey Turnpike Authority, 5% 1jan2052, USD (2026)
0.12%
New York Urban Development Corp., 5% 15mar2043, USD (2020C)
0.11%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.11%
New York Metropolitan Transportation Authority, 4% 15nov2036, USD (2016B)
0.11%
Tampa-Hillsborough Expressway Authority, 5% 1jul2047, USD (2017)
0.11%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.10%
Los Angeles Department of Water and Power, 5% 1jul2042, USD
0.10%
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 VTEL and FMUN
How have the VTEL and FMUN ETFs performed in 2026?
As of September 2, 2026, VTEL is down -0.84% year-to-date (YTD), while FMUN has lost -0.55%. That puts FMUN better performer ahead so far this year.
Which ETF is attracting more investor money: VTEL or FMUN?
Year-to-date, the VTEL ETF saw +$196M in flows, compared to +$12M for FMUN.
Which ETF is more volatile: VTEL or FMUN?
Over the past year, VTEL had a volatility of 3.33%, while FMUN experienced 2.7%.
Which ETF is bigger: VTEL or FMUN?
As of September 2, 2026, VTEL holds $362.39 M in assets under management (AUM), while FMUN manages $178.50 M.
What sectors do the VTEL and FMUN ETFs invest in?
VTEL leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the VTEL ETF and FMUN ETF?
VTEL top holdings include California, 5% 1aug2050, USD, Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A) and US64972JN619. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: VTEL or FMUN?
VTEL holds 4397 securities with 1.86% of its assets in the top 15. FMUN has 1171 securities and a top 15 weight of 9.67%.
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