F/M Callable Tax-Free Municipal ETF (ZMUN US)
ZMUN US$49.88
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Performance
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Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 49.88
- Change
- ▲ 0.05 (0.09)
- Bid / Ask
- 42.86 - 57.37
- Volume
- 1,537
- Turnover
- 70,079
- Open
- 49.88
- Day Range
- 49.87 - 49.89
- VWAP
- 49.88
- Prev Close
- 49.84
- Last Trade
- 29/10 4:00pm
Fund profile
Displays who issues the fund, how it is structured and invests, its Morningstar category and benchmark, size, headline costs and dates, sourced from Morningstar. Fund size counts every class of the fund; ETF net assets is this listing alone.
Fund size
$36.2M
OCT 2026
Distributions
Monthly
Since inception
1.1 yrs
SEP 2025
- Legal name
- F/m Ultrashort Tax Free Municipal ETF
- Issuer
- F/m Investments LLC
- Type
- Exchange-Traded Fund
- Structure
- Open Ended Investment Company
- Management style
- Index fund
- Morningstar category
- Muni National Short
- Category index
- Bloomberg Municipal 3 Yr 2-4 TR USD
- Benchmark
- Bloomberg Muni Currently Callable TR USD
- ETF net assets
- $36.2M
- Units on issue
- 725,000
- Management fee
- 0.30% p.a.
- Domicile
- United States
- Base currency
- USD
- Inception
- 29 SEP 2025
- Listed
- 30 SEP 2025
Objective and strategy
The investment seeks results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg Municipal Bond Currently Callable Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the fund’s investment objective by investing at least 80% of the fund’s net assets (plus any borrowings for investment purposes) in U.S. municipal investment grade bonds that are exempt from federal and certain state taxes, and which are currently callable or callable within the next three (3) months. The fund is non-diversified.
Asset allocation
Displays how the fund is split between shares, bonds, cash and other assets, sourced from Morningstar.
US equity 0.00%Non-US equity 0.00%
| Asset class | Net % | Long % | Short % |
|---|---|---|---|
| Equity | 0.00 | 0.00 | 0.00 |
| Bond | 95.84 | 95.84 | 0.00 |
| Cash | 2.88 | 4.80 | 1.92 |
| Other | 1.28 | 1.28 | 0.00 |
Portfolio statistics · 22 OCT 2026
Displays the valuation, yield, size, concentration and quality of the fund's shareholdings taken together (trailing twelve months), sourced from Morningstar.
- Assets in top 10
- 17.44%
Top holdings · top 10 = 18.62% of assets
Displays the fund's ten largest holdings and their weight in the portfolio, sourced from Morningstar.
| Holding | % Weight | First bought | Market value | Currency | Units held | Sector | Country | |
|---|---|---|---|---|---|---|---|---|
| SOUTH DAKOTA ST HEALTH & EDL FACS AUTH REV 4% | 2.78 | — | 953,153 | USD | 1.0M | — | United States | |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5% | 2.77 | — | 950,661 | USD | 950,000 | — | United States | |
| UNIVERSITY KY GEN RCPTS 4% | 2.06 | — | 706,774 | USD | 735,000 | — | United States | |
| ILLINOIS FIN AUTH REV 5% | 1.75 | — | 601,078 | USD | 600,000 | — | United States | |
| ILLINOIS ST 5% | 1.75 | — | 600,652 | USD | 600,000 | — | United States | |
| CALIFORNIA HEALTH FACS FING AUTH REV 5% | 1.53 | — | 525,617 | USD | 525,000 | — | United States | |
| METROPOLITAN TRANSN AUTH N Y REV 5% | 1.53 | — | 524,741 | USD | 540,000 | — | United States | |
| KING CNTY WASH SCH DIST NO 411 ISSAQUAH 5% | 1.52 | — | 520,722 | USD | 520,000 | — | United States | |
| METROPOLITAN TRANSN AUTH N Y DEDICATED TAX FD 5.25% | 1.46 | — | 500,881 | USD | 500,000 | — | United States | |
| NEW BRUNSWICK N J PKG AUTH REV 5% | 1.46 | — | 500,406 | USD | 500,000 | — | United States |
Trailing returns · 30 SEP 2026
Displays total returns after fees at net asset value, the return at the ASX market price, the return before fees, and where the fund ranks among funds in its Morningstar category, sourced from Morningstar.
Fund (NAV) Market price
1M
-1.2
3M
-0.8
6M
0.1
YTD
1.1
1Y
1.9
| Period | Fund (NAV) % | Market price % | Before fees % | Rank in category |
|---|---|---|---|---|
| 1 month | -1.20 | -1.13 | — | 33 / 220 |
| 3 months | -0.76 | -0.84 | — | 32 / 220 |
| 6 months | 0.11 | 0.13 | — | 30 / 220 |
| Year to date | 1.10 | 1.10 | — | 16 / 220 |
| 1 year | 1.93 | 1.83 | — | 12 / 219 |
Returns to 30 SEP 2026, periods of 3 years and longer annualised. Rank is the percentile in the Morningstar category at 30 SEP 2026 (1 = best) over the funds ranked.
Risk statistics · 30 SEP 2026
Displays how the fund has moved relative to its category index: alpha (return beyond the index), beta (sensitivity to it), R-squared (how much the index explains), volatility and risk-adjusted returns, sourced from Morningstar.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Alpha | -0.65 | — | — | — |
| Beta | 0.20 | — | — | — |
| R-squared | 60.04 | — | — | — |
| Standard deviation | 1.51 | — | — | — |
| Sharpe ratio | -1.23 | — | — | — |
| Sortino ratio | -1.21 | — | — | — |
| Tracking error | 5.00 | — | — | — |
| Information ratio | 0.92 | — | — | — |
| Upside capture % | 38.25 | — | — | — |
| Downside capture % | 5.28 | — | — | — |
Measured against Bloomberg Municipal TR USD with USTREAS T-Bill Auction Ave 3 Mon as the risk-free rate, to 30 SEP 2026. Maximum drawdown is on gross returns at the latest quarter end.
Fees and costs
Displays the fund's ongoing costs as a percentage of assets per year: the PDS management fees and costs, performance fee and transaction costs that make up the total cost ratio (the RG 97 forward estimate, and what was charged last financial year), and the buy / sell spread, sourced from Morningstar.
- Management fees and costs
- 0.30% p.a.
- PDS dated
- 26 SEP 2025
Distributions
Displays the most recent distribution paid per unit and its key dates, sourced from Morningstar.
- Latest distribution
- 0.1670
- Ex Date
- 27 AUG 2026
- Record Date
- 27 AUG 2026
- Pay Date
- 28 AUG 2026
- NAV at ex date
- 49.95
- Paid this year
- 1.2735
Distributions by year
Displays the total distributions paid per unit in each calendar year, sourced from Morningstar.
2024
0.4
| Year | Per unit ($) |
|---|---|
| 2024 | 0.3516 |
Distribution history
Displays the most recent distributions by ex date, sourced from Morningstar.
| Ex Date | Per unit ($) |
|---|---|
| 27 AUG 2026 | 0.1670 |
| 28 JUL 2026 | 0.1587 |
| 29 JUN 2026 | 0.1572 |
| 28 MAY 2026 | 0.1569 |
| 28 APR 2026 | 0.1570 |
| 30 MAR 2026 | 0.1570 |
| 26 FEB 2026 | 0.1630 |
| 29 JAN 2026 | 0.1567 |
| 30 DEC 2025 | 0.1569 |
| 26 NOV 2025 | 0.1273 |
| 30 OCT 2025 | 0.0674 |
Carbon · 31 AUG 2026
Displays the portfolio carbon risk score (lower is less exposure to the transition to a low-carbon economy), the share of the portfolio in companies with fossil fuel revenue, and whether the fund earns Morningstar's Low Carbon Designation, sourced from Morningstar and Sustainalytics.
- Category average
- 4.12%
Fund managers
Displays the people Morningstar lists as managers of the fund, sourced from Morningstar.
- Barry Julien
- Peter Baden
- Christina Mika
- Justin Hennessy
Tenure
Displays how long the managers have run the fund: the average and longest tenure, who has served longest, the latest appointment and how many other funds the team manages, sourced from Morningstar.
- Number of managers
- 4
- Average tenure
- 1.1 years
- Longest tenure
- 1.1 years
- Longest serving
- Barry Julien, Peter Baden, Christina Mika, Justin Hennessy · since 29 SEP 2025
- Most recent appointment
- Barry Julien, Peter Baden, Christina Mika, Justin Hennessy · since 29 SEP 2025
- Managed since
- 29 SEP 2025
- Other funds managed
- 35
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
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