Fidelity Municipal Bond Opportunities ETF(NASDAQ:FMUB)

FMUB seeks to generate high current income exempt from federal income tax, with secondary consideration for capital appreciation. The fund primarily invests in municipal securities, including general obligation and revenue bonds, securities from US territories, pre-refunded or escrowed bonds, municipal money market instruments, and synthetic municipal securities. To enhance yield, the strategy may allocate up to 30% of assets to high yield (junk bonds) municipal bonds and up to 20% to taxable securities such as US Treasuries, agency bonds, or investment-grade corporate debt. Portfolio construction is based on fundamental, bottom-up research process that evaluates credit quality, structural features, valuation, and trading dynamics to uncover compelling opportunities. The fund may also employ derivatives, including swaps, futures, and options.