FSMUX Performance — Strategic Advisers Municipal Bond Fund
Data updated: 2026-08-12
FSMUX returned +1.87% year to date and +7.33% over one year to May 2026. The annualised 3-year return is +4.37%. The fund beat its Intermediate Municipal Bond category average: $100 invested three years ago grew to $114, against $111 for the category, and to $107 over one year, against $106. Volatility over the past three years was 5.61% a year. In the 12 months to May 2026 the fund took in a net $1.9B, and assets reached $14.34B.
FSMUX Growth of $100
What $100 invested in Strategic Advisers Municipal Bond Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | FSMUX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $107 | $106 |
| 3 years (Jun 2023 – May 2026) | $114 | $111 |
| Since data start (Jul 2021 – May 2026) | $105 | $104 |
FSMUX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.87% |
| 1 year | +7.33% |
| 3 years (annualised) | +4.37% |
FSMUX Annual Returns
Calendar-year total returns of Strategic Advisers Municipal Bond Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.87% |
| 2025 | +3.70% |
| 2024 | +2.98% |
| 2023 | +7.11% |
| 2022 | −10.58% |
| 2021 (Jul–Dec) | +0.46% |
FSMUX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.8% | +1.4% | −2.0% | +1.1% | +0.6% | — | — | — | — | — | — | — |
| 2025 | +0.2% | +1.1% | −1.7% | −0.8% | −0.4% | +0.7% | −0.5% | +0.8% | +2.8% | +1.2% | +0.2% | 0.0% |
| 2024 | +0.1% | +0.2% | +0.2% | −1.0% | +0.1% | +1.7% | +1.0% | +0.7% | +1.2% | −1.3% | +1.7% | −1.3% |
| 2023 | +3.2% | −2.1% | +1.8% | +0.2% | −0.5% | +0.8% | +0.3% | −1.1% | −2.8% | −1.5% | +6.4% | +2.6% |
| 2022 | −2.6% | −0.8% | −3.3% | −3.2% | +1.3% | −2.3% | +2.9% | −2.4% | −4.1% | −1.3% | +5.1% | −0.2% |
| 2021 | — | — | — | — | — | — | +0.8% | −0.4% | −0.9% | −0.1% | +1.0% | +0.2% |
FSMUX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 5.61%
- 3-year Sharpe ratio: -0.02 (vs 4.5% risk-free rate)
- Best month: +6.40% (Nov 2023)
- Worst month: −2.82% (Sep 2023)
FSMUX Fund Flows
Monthly money in and out of Strategic Advisers Municipal Bond Fund, from SEC Form N-PORT.
- 12-month net flow: $1.9B
- 12-month gross sales (incl. reinvestments): $4.9B
- Sales ÷ redemptions: 1.64×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $656.8M | $145.4M | $511.4M |
| Apr 2026 | $352.4M | $222.5M | $129.9M |
| Mar 2026 | $186.9M | $298.5M | −$111.6M |
| Feb 2026 | $207.1M | $176.0M | $31.2M |
| Jan 2026 | $427.3M | $140.7M | $286.6M |
| Dec 2025 | $390.1M | $140.9M | $249.2M |
| Nov 2025 | $174.7M | $158.9M | $15.7M |
| Oct 2025 | $281.8M | $170.5M | $111.3M |
| Sep 2025 | $311.6M | $169.4M | $142.2M |
| Aug 2025 | $408.0M | $281.5M | $126.5M |
| Jul 2025 | $616.0M | $708.2M | −$92.2M |
| Jun 2025 | $931.1M | $398.3M | $532.8M |
FSMUX Assets Under Management
Net assets of Strategic Advisers Municipal Bond Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $14.34B |
| 2026-02-28 | $13.99B |
| 2025-11-30 | $13.24B |
| 2025-08-31 | $12.56B |
| 2025-05-31 | $11.99B |
| 2025-02-28 | $11.92B |
| 2024-11-30 | $11.76B |
| 2024-08-31 | $12.00B |
| 2024-05-31 | $12.26B |
| 2024-02-29 | $12.44B |
| 2023-11-30 | $11.97B |
| 2023-08-31 | $13.41B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.