First Trust Short Duration Managed Municipal ETF
$19.79+0.01 (+0.05%)
- 0.55%
- $660M
- +1.8%
- 3.22%
- 198K sh
- low $19.36high $20.25
The ETF.net FSMB Grade
C
Score 52 out of 100
- 24 of 28
Score 52 of 100 falls in the C 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.F0 out of 100Rank 28 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.C46 out of 100Rank 17 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B64 out of 100Rank 9 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
In short
CMost short-duration muni ETFs are plain index trackers. FSMB is run by hand, and its prospectus lets up to 35% of net assets sit in below-investment-grade munis. Federally tax-exempt income, paid monthly, at a 0.55% fee.
Stated mandate
The fund seeks federally tax-exempt income while emphasizing capital preservation.
Why people hold it
Worth knowing
FSMB Holdings
- Bonds
- 581
- 7%
- KENTUCKY ST PUBLIC ENERGY AUTH Variable rate, due 06/01/2055
Geography
- United States99.84%
- Guam0.09%
- Puerto Rico0.04%
- Canada0.03%
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$10,183
Returns run to the Oct 30, 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 | +1.3% |
| 1 month | +1.9% |
| 3 months | +0.3% |
| 1 year | +1.8% |
| 3 years | +3.8% |
| 5 years | +1.5% |
| 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 | +1.3% | |
| 2025 | +4.2% | |
| 2024 | +2.4% | |
| 2023 | +3.5% | |
| 2022 | −3.7% | |
| 2021 | +1.2% | |
| 2020 | +3.4% |
FSMB in the news
FSMB Dividends
- 3.22%
- $0.64
- $0.05 per share
- Monthly
FSMB Risk
- 2.5%
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.
- −0.27
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.
FMP measures it over up to five years of monthly returns.
FSMB Cost
Overpaying vs VTES, tied cheapest in Short-Duration Municipal Bonds
$9,844
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
FSMB 0.55%
$10,904
VTES 0.05% Tied cheapest
$1,060
Cost over time
Year by year
| Year | FSMB | VTES | Overpaying |
|---|---|---|---|
| 10 | $988 | $92 | $896 |
| 20 | $3,790 | $360 | $3,430 |
| 30 | $10,904 | $1,060 | $9,844 |
Other funds in Short-Duration Municipal Bonds
- CPVIInvesco Floating Rate Municipal Income ETFExpense ratio 0.25%1 year return +2.1%
- CTAXXBondBloxx IR+M Tax-Aware Short Duration ETFExpense ratio 0.35%1 year return +2.4%
- CZMUNF/m Ultrashort Tax-Free Municipal ETFExpense ratio 0.30%1 year return +3.4%
- CBKMSBNY Mellon Municipal Short Duration ETFExpense ratio 0.35%1 year return
- CSTAXNomura Tax-Free USA Short Term ETFExpense ratio 0.29%1 year return +1.6%
