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Core Insights - The Fidelity Municipal Bond Opportunities ETF (FMUB) is highlighted as a potential source of yields for fixed income investors while maintaining strong credit fundamentals [1] - FMUB benefits from active management, allowing portfolio managers to adjust holdings to optimize yield and mitigate risks [2] - The performance of FMUB and its related mutual funds has shown resilience even during challenging market conditions, particularly in 2022 [3] Performance and Management - The muni-national long category faced challenges, but performance improved in September, with FMUB and its mutual fund counterparts demonstrating strong results [3] - Skilled management teams using advanced tools have consistently outperformed peers in both favorable and adverse muni markets, a strategy reflected in FMUB [4] Credit Quality and Yield - Munis are positioned between corporate bonds and Treasuries in terms of credit quality, with improved fundamentals making them attractive for balancing credit risk and yield [5] - FMUB primarily holds investment-grade debt but can include lower-quality securities to enhance yield [5] Tax Benefits and Cost Efficiency - The primary attraction of munis is their tax-free income at the federal level, with some state-specific bonds also offering tax advantages [6] - FMUB has a low expense ratio of 30 basis points, making it a cost-effective option among its peers [6]