First Trust Managed Municipal ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, First Trust Managed Municipal ETF held 1,256 positions with $2.01B in net assets. Its ten largest holdings made up 5.1% of the fund. The FMB share class costs 0.39% a year. Over the 12 months to May 2026, FMB returned 6.6%, with dividends reinvested. In 2026 Q3 it added 107 new positions and exited 87.
The First Trust Managed Municipal ETFs (the Fund ) primary investment objective is to generate current income that is exempt from regular federal income taxes and its secondary objective is long term capital appreciation.
The fund invests at least 80% of assets in federal tax-exempt municipal debt securities, selecting bonds through analysis of interest rate and credit spread scenarios, sector positioning, new issue credit quality, secondary market tradability, and ongoing credit surveillance. At least 65% of assets must be in investment-grade securities at purchase, though the fund may hold up to 35% in below-investment-grade bonds and may retain securities that decline in credit quality after purchase. Because credit quality can deteriorate after purchase, holdings may drift below the investment-grade threshold without triggering forced sales.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
MEADE CNTY KY 3.80% floating · due 2061-08-01 | 0.81% | $16.20M | — |
MAIN STREET NATURAL GAS INC (GA) 4.00% floating · due 2052-09-01 | 0.73% | $14.73M | — |
BLACK BELT ENERGY GAS DISTRICT (THE) (AL) 4.00% floating · due 2052-10-01 | 0.50% | $10.12M | — |
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY (THE) (NY) 4.00% · due 2037-11-01 | 0.50% | $10.09M | — |
TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP IV (TX) 5.50% floating · due 2054-01-01 | 0.46% | $9.30M | — |
ENERGY SOUTHEAST A COOPERATIVE DISTRICT (AL) 5.50% floating · due 2053-11-01 | 0.46% | $9.24M | — |
ATLANTA (GA), CITY OF 4.00% · due 2037-07-01 | 0.45% | $8.96M | — |
DORMITORY AUTHORITY OF THE STATE OF NEW YORK (NY) 5.00% · due 2038-03-15 | 0.41% | $8.34M | — |
SOUTHEAST ENERGY AUTHORITY (AL) 4.00% floating · due 2051-11-01 | 0.41% | $8.27M | — |
PUERTO RICO SALES TAX FINANCING CORP 4.50% · due 2034-07-01 | 0.41% | $8.26M | — |
The 200 largest of 1,256 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.44% |
How it has done
FMB share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.75%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
First Trust Managed Municipal ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.39%· FMB 0.39%
- Portfolio turnover
- 32.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
107 new· the largest 8
87 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.2% |
| Floating rate | 13.1% |
| Zero-coupon or unclassified | 4.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 1.3% |
| 3-5y | 2.4% |
| 5-10y | 13.6% |
| 10y+ | 82.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.29 yr |
| High yield | +0.12 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.40 yr | 6% |
| 5 yr | 1.64 yr | 26% |
| 10 yr | 3.51 yr | 55% |
| 30 yr | 0.77 yr | 12% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 4% |
| 5 yr | 2.30 yr | 36% |
| 10 yr | 3.81 yr | 59% |
| 30 yr | 0.04 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $2.7k | $210 |
| 1 yr | +0.40 | +0.23 | +0.01 | $46.8k | $2.8k |
| 5 yr | +1.64 | +2.24 | +0.06 | $450.7k | $11.4k |
| 10 yr | +3.51 | +3.76 | +0.05 | $756.2k | $10.3k |
| 30 yr | +0.77 | +0.04 | +0.00 | $7.3k | $63 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FMB, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”