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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.89

$12.1 B

3.40%

$0.30

0.47%

Vitals

YTD Return

2.5%

1 yr return

-8.0%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$12.1 B

Holdings in Top 10

68.7%

52 WEEK LOW AND HIGH

$8.9
$8.25
$9.71

Expenses

OPERATING FEES

Expense Ratio 0.47%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.89

$12.1 B

3.40%

$0.30

0.47%

FSMUX - Profile

Distributions

  • YTD Total Return 2.8%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Strategic Advisers Municipal Bond Fund
  • Fund Family Name
    Fidelity Investments
  • Inception Date
    Jun 17, 2021
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Christopher Heavey

Fund Description

Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax. Normally investing primarily in investment-grade municipal securities. Allocating assets across different market sectors and maturities. Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects. Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below). Allocating assets among affiliated fixed-income funds (i.e., Fidelity® funds, including mutual funds and ETFs), non-affiliated fixed-income funds that participate in Fidelity's FundsNetwork®, non-affiliated ETFs (collectively, underlying funds), and sub-advisers. Allocating assets among sub-advisers and underlying funds using proprietary fundamental and quantitative research, considering factors including, but not limited to, performance in different market environments, manager experience and investment style, management company infrastructure, costs, asset size, and portfolio turnover. Investing up to 30% in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers LLC (Strategic Advisers) is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub-advisory agreements with one or more unaffiliated sub-advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has the ultimate responsibility to oversee the fund’s sub-advisers and recommend their hiring, termination, and replacement. In the event the Board of Trustees approves a sub-advisory agreement with a new unaffiliated sub-adviser, shareholders will be provided with information about the new sub-adviser and sub-advisory agreement.
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FSMUX - Performance

Return Ranking - Trailing

Period FSMUX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -86.8% 7.5% 38.72%
1 Yr -8.0% -20.9% 15.7% 77.49%
3 Yr N/A* -10.2% 52.2% N/A
5 Yr N/A* -5.1% 29.7% N/A
10 Yr N/A* -3.2% 13.6% N/A

* Annualized

Return Ranking - Calendar

Period FSMUX Return Category Return Low Category Return High Rank in Category (%)
2022 -12.8% -91.1% 101.7% 71.15%
2021 N/A -79.2% 102.5% N/A
2020 N/A -66.1% 60.0% N/A
2019 N/A -57.4% 7.6% N/A
2018 N/A -35.9% 3.2% N/A

Total Return Ranking - Trailing

Period FSMUX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -86.8% 7.5% 29.02%
1 Yr -8.0% -20.9% 15.4% 77.71%
3 Yr N/A* -10.2% 52.2% N/A
5 Yr N/A* -5.1% 29.7% N/A
10 Yr N/A* -3.2% 13.6% N/A

* Annualized

Total Return Ranking - Calendar

Period FSMUX Return Category Return Low Category Return High Rank in Category (%)
2022 -13.0% -91.1% 101.7% 74.30%
2021 N/A -79.2% 102.5% N/A
2020 N/A -66.1% 60.0% N/A
2019 N/A -57.4% 7.6% N/A
2018 N/A -35.9% 3.2% N/A

NAV & Total Return History


FSMUX - Holdings

Concentration Analysis

FSMUX Category Low Category High FSMUX % Rank
Net Assets 12.1 B 2.87 M 73.9 B 1.54%
Number of Holdings 3169 1 14000 1.59%
Net Assets in Top 10 8.64 B -317 M 8.64 B 0.05%
Weighting of Top 10 68.69% 2.4% 100.0% 15.27%

Top 10 Holdings

  1. Fidelity® SAI Municipal Income 11.66%
  2. Vanguard Long-Term Tax-Exempt Adm 9.73%
  3. MFS Municipal Income A 9.35%
  4. Western Asset Managed Municipals A 8.44%
  5. BlackRock National Municipal Inv A 7.53%
  6. Allspring Municipal Bond Admin 7.35%
  7. Fidelity® Inv MM Fds Government Instl 4.17%
  8. Franklin Federal Tax Free Income R6 3.91%
  9. DWS Managed Municipal Bond S 3.50%
  10. MainStay MacKay Tax Free Bond A 3.05%

Asset Allocation

Weighting Return Low Return High FSMUX % Rank
Bonds
93.60% 0.00% 150.86% 90.44%
Cash
6.27% -50.86% 100.00% 9.52%
Other
0.12% -13.03% 30.01% 1.00%
Stocks
0.00% -0.03% 4.63% 25.06%
Preferred Stocks
0.00% -1.79% 0.04% 22.40%
Convertible Bonds
0.00% 0.00% 0.93% 22.49%

Bond Sector Breakdown

Weighting Return Low Return High FSMUX % Rank
Municipal
93.35% 0.00% 100.00% 89.93%
Cash & Equivalents
6.59% 0.00% 100.00% 8.89%
Corporate
0.07% 0.00% 9.99% 12.56%
Derivative
0.00% 0.00% 21.68% 21.95%
Securitized
0.00% 0.00% 5.93% 23.49%
Government
0.00% 0.00% 52.02% 27.76%

Bond Geographic Breakdown

Weighting Return Low Return High FSMUX % Rank
US
90.65% 0.00% 142.23% 88.34%
Non US
2.95% 0.00% 62.14% 23.76%

FSMUX - Expenses

Operational Fees

FSMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.47% 0.02% 3.60% 61.40%
Management Fee 0.30% 0.00% 1.10% 15.15%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

FSMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

FSMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FSMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% N/A

FSMUX - Distributions

Dividend Yield Analysis

FSMUX Category Low Category High FSMUX % Rank
Dividend Yield 3.40% 0.00% 35.27% 12.69%

Dividend Distribution Analysis

FSMUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FSMUX Category Low Category High FSMUX % Rank
Net Income Ratio N/A -0.53% 24.00% N/A

Capital Gain Distribution Analysis

FSMUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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FSMUX - Fund Manager Analysis

Managers

Christopher Heavey


Start Date

Tenure

Tenure Rank

Jun 17, 2021

0.95

1.0%

Christopher Heavey is portfolio manager. Since joining Fidelity Investments in 1998, Mr. Heavey has worked as a senior research analyst and portfolio manager.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.22 1.58