First Trust Ultra Short Duration Municipal ETF
FUMB
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- First Trust Ultra Short Duration Municipal ETF (FUMB) is an actively managed exchange-traded fund that seeks tax-exempt current income with a weighted average portfolio duration of less than one year by investing primarily in investment-grade municipal securities issued by U.S. states, state agencies, and local governments; its portfolio includes fixed- and variable-rate municipal bonds, notes, revenue bonds, pre-refunded bonds, and tender option bond trust receipts, with top holdings such as National Fin Auth NH Sol Wst Disp Rev, Mission TX Econ Dev Corp Sol Wst Disp, Dallas-Fort Worth TX Intl Arpt Rev, and Burleson TX Indep Sch Dist bonds. FUMB normally invests at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax (and certain state and local taxes for applicable investors), while seeking to maintain a dollar-weighted average duration of less than one year, exhibiting low interest-rate sensitivity and mid credit quality; the fund may employ leverage through when-issued, TBA, delayed delivery, or forward commitment securities, and effects creations/redemptions primarily in-kind, though cash transactions are possible. Launched on November 1, 2018, and domiciled in the United States, FUMB trades on NYSE Arca with approximately 203 holdings, 215 million USD in total net assets, and is managed by First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., from its headquarters in Wheaton, Illinois, where the firm was established in 1991. As of mid-2025, the fund's portfolio emphasizes U.S. municipal bonds (84.86% allocation), cash equivalents (15.14%), and sectors like municipal tax-exempt (85.31%), targeting investors seeking short-duration, tax-advantaged fixed income exposure across diverse U.S. issuers in states including Texas, Ohio, New York, Illinois, and Florida. In May 2024, First Trust completed mergers of four closed-end energy funds into the FT Energy Income Partners Enhanced Income ETF (EIPI), reflecting ongoing portfolio optimization and strategic consolidation within its broader ETF and fund offerings, though FUMB itself saw no direct mergers, acquisitions, or major operational changes reported through late 2025.