FMB

GradeBNASDAQ Global Market

First Trust Managed Municipal ETF

Municipal Bond · First Trust · Inception 2014-05-13 · SEC filings

$48.51−0.46 (−0.94%)

As of Sep 23, 2026, 2:11 PM EDT

Expense ratio: 0.39%
Fund size: $2.0B
1Y return: −0.2%
Yield · Last 12 months: 3.75%
Holdings: 1272
Volume · 30D: 0.2M sh
NAV per share: $49.01
52W range: low $48.90high $52.03

65/ 100

Rank 21 of 63 in Other Municipal Bond⁠

Confidence High

F< 25

D≥ 25

C≥ 40

B≥ 55

A≥ 70

Cost
FScore 21
Category rank48/63 · bottom quartile
Mission
AScore 99
Category rank6/57 · top 11%
Risk
BScore 57
Category rank20/62 · top 32%
Tradability
AScore 87
Category rank4/63 · top 6%
Holdings
AScore 92
Category rank2/63 · top 3%
Durability
AScore 80
Category rank8/63 · top 13%

Graded as of Sep 22, 2026

Our read on FMB

ETF.net Research

BMost muni ETFs hand you an index and call it a day. FMB is the hands-on one: First Trust's managers pick the bonds, spread across roughly 1,300 issues, and pay out federally tax-exempt income monthly. Running since 2014.

Stated mandate

The fund normally invests at least 80% of its assets in federally tax-exempt municipal securities, including general-obligation, revenue, project, pre-refunded, and related municipal money-market or synthetic securities.

Why people hold it

01Active by design. A manager chooses the bonds rather than copying a benchmark, chasing federally tax-exempt income first and long-term appreciation second.sec.gov
02Roughly 1,300 municipal issues in the portfolio, so no single school district, hospital or toll road steers the whole fund.
03Income arrives monthly, and a multi-billion-dollar asset base plus a 2014 launch make it one of the more seasoned active muni ETFs on the board.
04The portfolio has stayed tight to the tax-exempt muni mandate it advertises, which puts it in the upper half of a very crowded muni field.

Worth knowing

01Active costs money: 0.39% a year against index heavyweights like VTEB and SCMB at 0.03%. That fee gap is the hurdle the stock picking works against.
02The exemption is from regular federal income tax. State and local taxes, and gains on the shares themselves, are a separate conversation with your accountant.sec.gov
03Moderately traded rather than a volume monster, and municipal bonds themselves trade thinly, which can widen the spread you pay on the way in or out.

FMB Holdings

As of Sep 21, 2026, 5:03 PM

Asset class: Bonds
Holdings: 1,272
Top-10 weight: 5%
Largest holding: MEADE CNTY KY INDL BLDG REVENUE Variable rate, due 08/01/20610.8%

The fund’s holdings, weight-ordered — page 1 of 85.
#	Ticker	Company	Weight %	Shares	Market value	In ETFs
001	—	MEADE CNTY KY INDL BLDG REVENUE Variable rate, due 08/01/2061	0.82%	16,200,000	$16M	3
002	—	MAIN STREET NATURAL GAS INC GA Variable rate, due 09/01/2052	0.74%	14,500,000	$15M	9
003	—	NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041	0.64%	12,650,000	$13M	3
004	—	NEW YORK CITY NY TRANSITIONAL FIN AUTH REV 4%, due 11/01/2037	0.48%	10,000,000	$9M	5
005	—	ENERGY S E AL A COOPERATIVE DIST Variable rate, due 11/01/2053	0.46%	8,600,000	$9M	4
006	—	TEXAS ST MUNI GAS ACQUISITION & SPLY CORP IV Variable rate, due 01/01/2054	0.45%	8,505,000	$9M	6
007	—	TENNESSEE ST ENERGY ACQUISITION CORP 5%, due 11/01/2034	0.44%	8,500,000	$9M	7
008	—	ATLANTA GA ARPT PASSENGER FAC CHG REV 4%, due 07/01/2037	0.43%	8,980,000	$9M	3
009	—	SOUTHEAST ENERGY AUTH AL COMMODITY SPLY Variable rate, due 11/01/2051	0.42%	8,170,000	$8M	6
010	—	NEW YORK ST DORM AUTH SALES TAX 5%, due 03/15/2038	0.41%	8,000,000	$8M	2
011	—	PUERTO RICO SALES TAX FING CORP 4.50%, due 07/01/2034	0.41%	8,258,000	$8M	3
012	—	COLORADO ST HLTH FACS AUTH REV 4%, due 01/01/2040	0.38%	8,210,000	$7M	2
013	—	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN 5%, due 05/01/2039	0.36%	7,000,000	$7M	1
014	—	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP 5.25%, due 12/01/2049	0.33%	6,500,000	$7M	2
015	—	SAN ANTONIO TX WTR REVENUE Variable rate, due 05/01/2054	0.33%	6,500,000	$7M	4

Showing 1–15 of 1272 holdings

FMB Performance

FMB$9,979

$11,723

Sep 22, 2025 – Sep 22, 2026

Trailing total return for FMB. Periods over one year show the average yearly return.
Period	FMB
Year to date	−1.9%
1 month	−2.4%
3 months	−3.8%
1 year	−0.2%
3 years	+3.0%per year
5 years	−0.1%per year
10 years	+1.8%per year

As of the Sep 22, 2026 close, with distributions reinvested.

Annual total returns for FMB
Year	Return bar	FMB
2026 YTD		−1.9%
2025		+3.7%
2024		+2.0%
2023		+6.3%
2022		−9.9%
2021		+2.4%
2020		+4.4%

FMB in the news

ETF.net Research hasn’t filed on FMB yet — coverage lands here as it’s written.

FMB Dividends

: 3.75%Last 12 months
Payout per share: $1.83Last 12 months

Last payment: $0.16 per share
Paid on: Aug 31, 2026
: Aug 21, 2026
Frequency: Monthly

Distribution history

2023–2026

Ex-date	Pay date	Amount per share
Aug 21, 2026	Aug 31, 2026	$0.16
Jul 21, 2026	Jul 31, 2026	$0.16
Jun 25, 2026	Jun 30, 2026	$0.16
May 21, 2026	May 29, 2026	$0.16
Apr 21, 2026	Apr 30, 2026	$0.16
Mar 26, 2026	Mar 31, 2026	$0.16
Feb 20, 2026	Feb 27, 2026	$0.16
Jan 21, 2026	Jan 30, 2026	$0.15
Dec 12, 2025	Dec 31, 2025	$0.15
Nov 21, 2025	Nov 28, 2025	$0.15
Oct 21, 2025	Oct 31, 2025	$0.15
Sep 25, 2025	Sep 30, 2025	$0.15

FMB Risk

: 5.1%; Annualised · 36 months to Aug 2026; How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
: −0.22; vs 3-month T-bills · to Aug 2026; How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
: −13.7%; Trough Oct 2022; How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
: 0.86; vs its asset-class index; How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMB Cost

Expense ratio0.39%

FMB0.39%

Cheapest0.03%Priciest5.24%

The middle half of Other Municipal Bond funds
Median 0.30%

46 of the 62 Other Municipal Bond funds charge less.

FMB costs $39.00 a year on $10,000. The median Other Municipal Bond fund costs $30.00.

FMB

The ETF.net FMB Grade

Cost

Mission

Risk

Tradability

Holdings

Durability

Why people hold it

Worth knowing

Growth of $10,000Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Trailing returnsReturns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Annual returnsCalendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Distribution history