ZMUN – F/m Ultrashort Tax Free Municipal ETF – ETF Investment Strategy | Morningstar

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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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
ZMUN	F/m Ultrashort Tax Free Municipal ETF	ETF	Open	—	—	Sep 29, 2025	$34.44M	0.300%	—	—	$33.38M

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