First Trust Short Duration Managed Municipal ETF
FSMB
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 120 East Liberty Drive, Suite 400 Wheaton IL United States of America 60187
- IPO Date
- Nov 27, 2018
- CIK
- 0001424212
- Website
- ftportfolios.com
- Similar Companies
- Business
- First Trust Short Duration Managed Municipal ETF (FSMB) is an actively managed exchange-traded fund that seeks to provide federally tax-exempt income consistent with capital preservation by investing at least 80% of its net assets in municipal debt securities exempt from regular federal income taxes; up to 35% may be allocated to below investment-grade municipal securities. The fund maintains a weighted average duration of 1 to 3 years, focusing on short-duration, primarily U.S. dollar-denominated, investment-grade municipal bonds issued by states, territories, possessions of the U.S., and the District of Columbia, including revenue bonds and general obligation bonds backed by infrastructure projects such as airports, continuing care retirement communities, education facilities, housing, electric utilities, hospitals, special assessment districts, toll roads, universities, and water and sewer systems. It emphasizes sectors meeting basic community infrastructure needs or critical services, with geographic exposure throughout the United States and a preference for states with growing populations and healthy employment trends; the portfolio is weighted toward investment-grade rated securities and unrated securities deemed comparable by the advisor, supplemented by high-yield municipal bonds. FSMB, a series of First Trust Exchange-Traded Fund III, was launched on November 1, 2018, and is advised by First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., with senior portfolio managers Johnathan N. Wilhelm (since inception), Thomas Byron (since March 2022), and Shawn O'Leary (since April 2024). First Trust Advisors L.P., founded in 1991 and headquartered in Wheaton, Illinois, provides investment management services across unit investment trusts, exchange-traded funds, target outcome investments, and managed account solutions, serving individual investors, financial advisors, and institutions primarily in the United States. The fund trades on NYSE Arca under ticker FSMB, with creations and redemptions handled in large units primarily for cash by authorized participants, and it employs a rigorous active management process including fundamental credit research, total return scenario analysis, sector/industry evaluation, new issue analysis, trading surveillance, and performance attribution. In recent developments as of December 2025, First Trust announced fee waivers for certain fixed-income funds, including related municipal ETFs, to enhance competitiveness amid market conditions; portfolio manager Shawn O'Leary joined the team in April 2024, strengthening the municipal securities expertise. The fund has seen increased institutional interest, with firms such as Hedeker Wealth LLC acquiring a new stake of 53,390 shares valued at approximately $1.06 million in Q4 2024, and others like Occidental Asset Management LLC and Stephens Inc. AR expanding holdings in Q3 2024. No major acquisitions, partnerships, or structural changes specific to FSMB have been reported in the last 1-2 years, maintaining its focus on short-duration municipal strategies for tax-exempt income and reduced interest rate sensitivity.