First Trust Short Duration Managed Municipal ETF
$19.57+0.03 (+0.15%)
- 0.34%
- $648M
- +0.3%
- 3.24%
- 0.2M sh
- $19.53
- low $19.36high $20.25
The ETF.net FSMB Grade
B
Score 57 out of 100
- 19 of 28
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F15 out of 100Rank 24 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C47 out of 100Rank 15 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B67 out of 100Rank 7 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A79 out of 100Rank 4 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A70 out of 100Rank 8 of 28
Our read on FSMB
BFirst Trust's active counterpunch to the muni index crowd: a short-maturity portfolio of roughly 500 tax-exempt bonds, run for federally tax-free income with capital preservation as the stated priority. Pays monthly.
The fund seeks federally tax-exempt income while emphasizing capital preservation.
Why people hold it
- Actively managed, not index-bound. A team picks which short-maturity munis to hold instead of buying whatever a benchmark dictates.
- Spread across roughly 500 bonds, so no single issuer's credit stumble dominates the portfolio.
- Income arrives monthly, and the mandate targets interest exempt from federal income tax.
- A mid-sized fund that changes hands steadily, which usually keeps the cost of getting in and out modest.
Worth knowing
- 0.34% a year. The giant index muni funds (VTEB, MUB) charge a small fraction of that, so active security selection is what the extra fee buys.
- Short maturities damp price swings when rates move, and they also mean less income on offer than longer-dated muni portfolios.
- The exemption in the mandate is federal. State and local treatment depends on the bonds and on where you file.
FSMB Holdings
- Bonds
- 574
- 7%
- NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041
FSMB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
FSMB$10,035
Returns run to the Oct 12, 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.
| Period | FSMB |
|---|---|
| Year to date | −0.2% |
| 1 month | −0.8% |
| 3 months | −1.5% |
| 1 year | +0.3% |
| 3 years | +3.2% |
| 5 years | +1.2% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FSMB |
|---|---|---|
| 2026 YTD | −0.2% | |
| 2025 | +4.2% | |
| 2024 | +2.4% | |
| 2023 | +3.5% | |
| 2022 | −3.7% | |
| 2021 | +1.2% | |
| 2020 | +3.4% |
FSMB in the news
FSMB Dividends
- 3.24%
- $0.63
- $0.05 per share
- Monthly
Distribution history
FSMB Risk
- 2.3%
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.
- −0.60
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.
- −5.9%
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.
- 0.34
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FSMB Cost
0.34%
FSMB0.34%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
22 of the 27 Short-Duration Municipal Bonds funds charge less.
Other funds in Short-Duration Municipal Bonds
- BAUSMAllspring Ultra Short Municipal ETFExpense ratio 0.19%1 year return +1.9%
- BCALIiShares Short-Term California Muni Active ETFExpense ratio 0.25%1 year return +1.1%
- BMMSDNYLI MacKay Muni Short Duration ETFExpense ratio 0.25%1 year return +1.0%
- BSMMUPIMCO Short Term Municipal Bond Active Exchange-Traded FundExpense ratio 0.35%1 year return +1.2%
- BPVIInvesco Floating Rate Municipal Income ETFExpense ratio 0.25%1 year return +2.2%