See what your fund actually adds

F/m Ultrashort Tax-Free Municipal ETF ZMUN

Historical return decomposition and an investable replication portfolio, using data through 2026-10-09.

Fund and replication metrics

ZMUN compared with its replication portfolio
MeasureZMUNReplication
Annualized growth2.4%2.8%
Annualized volatility0.7%0.7%
Sharpe ratio3.364.00
Maximum drawdown0.9%0.4%
Replication fit (R²)0.35 · Tracking error 0.6%

Replication portfolio

The published portfolio below is the investable basket used to model ZMUN’s historical return behavior.

ZMUN replication basket weights
TickerBuilding blockWeight
USFRFI · Floating Rate Notes55.4%
MUBFI · Municipal14.8%
BKLNFI · Senior Bank Loans13.6%
VGSHFI · Short Gov9.9%
STIPFI · Short TIPS6.3%