First Trust Managed Municipal ETF
First Trust Exchange-Traded Fund III · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio |
|---|---|
| FMB | 0.39% |
Portfolio turnover 32.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.44% |
Latest quarter
What changed since the fund's previous filing
Largest new: CONNECTICUT ST HEALTH & EDL FACS AUTH, BLACK BELT ENERGY GAS DISTRICT (THE) (AL) ×3, ENERGY SOUTHEAST A COOPERATIVE DISTRICT (AL), PHILADELPHIA PA REDEV AUTH, KENTUCKY HSG CORP, HOUSTON TEX
Largest exited: KALAMAZOO MI HOSP FIN AUTH, MONROE CNTY GA DEV AUTH POLL C, OHIO ST, MISSION TX ECON DEV CORP SOL W, ILLINOIS ST HSG DEV AUTH MF HS, MISSOURI ST HLTH & EDUCTNL FAC, KENTUCKY ST PUBLIC ENERGY AUTH, CMNTY DEV ADMIN MD MF DEV REVE
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | MEADE CNTY KY3.80% 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 OF4.00% · 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 CORP4.50% · due 2034-07-01 | 0.41% | $8.26M | — |
Top 10 positions are 5.15% of net assets, top 25 9.94%, across 657 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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