---
ticker: "FSMB"
name: "First Trust Short Duration Managed Municipal ETF"
url: "https://etf.net/etf/FSMB"
grade: "B"
score: 57
graded_at: "2026-10-12"
category: "Short-Duration Municipal Bonds"
category_rank: "19 of 28"
methodology: "https://etf.net/methodology"
---

# FSMB: First Trust Short Duration Managed Municipal ETF

Grade **B**, Score 57 of 100. Rank 19 of 28 in Short-Duration Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 15 | 24 of 28 |
| Mission | 100 | 1 of 27 |
| Risk | 47 | 15 of 27 |
| Tradability | 67 | 7 of 28 |
| Holdings | 79 | 4 of 28 |
| Durability | 70 | 8 of 28 |

## Top holdings

The fund holds 574 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041 | 0.91% |
| 2 | — | CHICAGO IL O'HARE INTL ARPT REV N/C, 5%, due 01/01/2031 | 0.81% |
| 3 | — | OHIO ST AIR QUALITY DEV AUTH Variable rate, due 11/01/2039 | 0.74% |
| 4 | — | KENTUCKY ST PUBLIC ENERGY AUTH Variable rate, due 06/01/2055 | 0.71% |
| 5 | — | COLORADO ST HLTH FACS AUTH REV Variable rate, due 11/15/2060 | 0.64% |
| 6 | — | WHITING IN ENVRNMNTL FACS REV Variable rate, due 11/01/2045 | 0.63% |
| 7 | — | EFFINGHAM CNTY GA INDL DEV AUTH Variable rate, due 02/01/2038 | 0.62% |
| 8 | — | MOBILE AL INDL DEV BRD POLL CONTROL Variable rate, due 06/01/2034 | 0.62% |
| 9 | — | UTAH CNTY UT HOSP REVENUE Variable rate, due 05/15/2058 | 0.62% |
| 10 | — | PINELLAS CNTY FL HSG FIN AUTH MF HSG REV Variable rate, due 10/01/2043 | 0.62% |
| 11 | — | SAINT JOHN THE BAPTIST PARISH LA Variable rate, due 06/01/2037 | 0.62% |
| 12 | — | BURKE CNTY GA DEV AUTH POLL CTRL REV Variable rate, due 11/01/2052 | 0.59% |
| 13 | — | CHARLOTTE-MECKLENBURG NC HOSP AUTH Variable rate, due 01/15/2048 | 0.59% |
| 14 | — | MAIN STREET NATURAL GAS INC GA Variable rate, due 05/01/2055 | 0.58% |
| 15 | — | PALM BEACH CNTY FL HLTH FACS AUTH 5%, due 11/15/2032 | 0.58% |
| 16 | — | NEW MEXICO ST MUNI ENERGY ACQUISITION AUTH Variable rate, due 06/01/2054 | 0.57% |
| 17 | — | NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2044 | 0.55% |
| 18 | — | BLACK BELT ENERGY GAS DIST AL Variable rate, due 07/01/2052 | 0.53% |
| 19 | — | BLACK BELT ENERGY GAS DIST AL N/C, 5%, due 12/01/2031 | 0.51% |
| 20 | — | MIAMI-DADE CNTY FL AVIATION REV N/C, 5%, due 10/01/2031 | 0.49% |
| 21 | — | SOUTHEAST ENERGY AUTHORITY A COOP DIST AL 5%, due 10/01/2030 | 0.48% |
| 22 | — | INDIANA ST FIN AUTH HLTH SYS REV Variable rate, due 11/01/2056 | 0.47% |
| 23 | — | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REV Variable rate, due 05/01/2042 | 0.47% |
| 24 | — | ILLINOIS ST DEV FIN AUTH SOL WST DISP Variable rate, due 11/01/2044 | 0.47% |
| 25 | — | CMNTY DEV ADMIN MD MF DEV REV N/C, 3.30%, due 01/01/2029 | 0.46% |
| 26 | — | CALIFORNIA ST MUNI FIN AUTH SPL FAC REV N/C, 4%, due 07/15/2029 | 0.46% |
| 27 | — | S E ALABAMA ST GAS SPLY DIST GAS SPLY REV Variable rate, due 08/01/2054 | 0.46% |
| 28 | — | NORTH CAROLINA ST HSG FIN AGY MF HSG REV Variable rate, due 04/01/2029 | 0.44% |
| 29 | — | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP IV Variable rate, due 01/01/2054 | 0.44% |
| 30 | — | FARMINGTON NM POLL CONTROL REV Variable rate, due 06/01/2040 | 0.43% |

Source: etf.net, https://etf.net/etf/FSMB. Please cite the page URL.