ATLASFirst Trust Short Duration Managed Municipal ETF (FSMB): outlook, holdings and fees
First Trust Short Duration Managed Municipal ETF (FSMB) is an exchange-traded fund and is managed by First Trust. The expense ratio is 0.56% and the yield is 3.21%. The ten largest holdings are 11% of the fund.
Fund data as of Oct 14, 2026 · Price Nov 2, 2026
ATLAS view on FSMB
| Last price | $19.78 (+0.1%) |
|---|---|
| ATLAS chance of a higher price in 1 month | 58% |
| Likely 1-month range (50%) | $19.51 – $20.26 |
| Normal 1-day range (±1σ) | ±0.6% |
| Distribution yield | 3.21% |
ATLAS probabilities use the same calibrated model as every stock page. A fair value is shown for companies, not funds; the holdings below link to the fair value of each company.
FSMB fund facts
| Issuer | First Trust |
|---|---|
| Theme | Municipal bonds |
| Assets under management | $648M |
| Expense ratio | 0.56% |
| Number of holdings | 10 |
| Portfolio turnover | 52% |
| Inception | Nov 1, 2018 |
| Exchange | NYSE |
Under normal market conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. The municipal securities in which the fund invests may be fixed, variable or floating-rate securities.
FSMB top holdings
| Holding | Sector | Weight |
|---|---|---|
| Future Contract On Us 10yr Ultra Fut Sep21 | – | 1.67% |
| HOUSTON TEX ARPT SYS REV 5% | – | 1.26% |
| NEWARK N J 3.5% | – | 1.25% |
| CENTRAL TEX REGL MOBILITY AUTH REV 5% | – | 1.13% |
| TENDER OPT BD TR RCPTS / CTFS VAR STS 0.28% | – | 1.16% |
| MIDDLESEX CNTY N J CTFS PARTN 5% | – | 0.99% |
| ARIZONA INDL DEV AUTH REV 5% | – | 1.00% |
| UNIVERSITY CONN 5% | – | 1.00% |
| NEW JERSEY ST 5% | – | 0.95% |
| ALABAMA FED AID HWY FIN AUTH SPL OBLIG REV 5% | – | 0.96% |
Holdings with an ATLAS page link to their probability range, fair value and earnings calendar.
FSMB returns and risk
| Year to date | -0.2% |
|---|---|
| 1 year | +0.4% |
| 3 years (annualised) | +3.4% |
| 5 years (annualised) | +1.3% |
| 10 years (annualised) | 0.0% |
| Volatility (3 years) | 2.4% |
| Sharpe ratio (3 years) | -0.62 |
Past returns do not guarantee future results.
FSMB: frequently asked questions
What does FSMB invest in?
First Trust Short Duration Managed Municipal ETF invests in a portfolio of securities. Its largest holdings are Future Contract On Us 10yr Ultra Fut Sep21 (1.7%), HOUSTON TEX ARPT SYS REV 5% (1.3%), NEWARK N J 3.5% (1.2%), CENTRAL TEX REGL MOBILITY AUTH REV 5% (1.1%), TENDER OPT BD TR RCPTS / CTFS VAR STS 0.28% (1.2%).
What is the FSMB expense ratio?
0.56% a year: about $56.00 for every $10,000 invested.
What is the FSMB dividend yield?
3.21%. ATLAS does not hold the exact distribution dates for ETFs.
Will FSMB go up?
Nobody can know. The ATLAS model puts the chance of a higher price in one month at 58%, with a likely range (50%) of $19.51 to $20.26 from $19.78 today. It is a probability, not a prediction.
How has FSMB performed?
Year to date -0.2%, one year +0.4%, three years +3.4% a year, five years +1.3% a year. Past returns do not guarantee future results.
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- State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB)
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Educational information, not investment advice. Disclaimer