FSMB ETF — First Trust Short Duration Managed Municipal ETF

First Trust Short Duration Managed Municipal ETF (FSMB)

Updated October 16, 2026.

FSMB is an ETF. its distribution rate is 3.30%, its trailing-12-month yield is 3.49%, its expense ratio is 0.34%. Dividend Vision Distribution Safety Score™ is 91/100 (Safe). Total return is 17.0% over the past 7.9 years, 203.5 points behind SPY at 220.5%.

First Trust Short Duration Managed Municipal ETF invests at least eighty percent of its assets in municipal debt securities with interest exempt from regular federal income taxes, holding fixed, variable, and floating-rate municipal bonds with a short duration focus. The fund distributes monthly income at a moderate current distribution rate and carries an expense ratio of 0.34%. It appeals primarily to income investors seeking tax-advantaged municipal bond exposure with relatively low interest rate risk.

FSMB performance versus SPY

Price and return data through 2026-10-16.

Total return is 17.0% over the past 7.9 years, 203.5 points behind SPY at 220.5%. Over the past year its total return — price change plus distributions reinvested — is 1.0%. Its deepest 1-year drawdown was 2.4%.

FSMB key facts

Distribution Safety Score™

91 · Safe

Safety-Adjusted Yield

3.00%

Issuer

First Trust

Asset type

ETF

Asset class

Fixed Income

Inception date

11/01/2018

Expense ratio

0.34%

Distribution rate

3.30%

Distribution frequency

Monthly

Trailing yield

3.49%

Last close

$19.64 (as of 2026-10-16)

AUM

$647,672,752

Average volume

208835.0

Dividend

$0.054

Ex-dividend date

09/24/2026

Payment date

09/30/2026

Beta

0.37

How Dividend Vision calculates yield and returns

Distribution rate (3.30%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.49%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: First Trust or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FSMB risks and drawbacks

FSMB's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 2.4%.

Who may consider FSMB — and who may not

FSMB may suit someone looking for a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on FSMB

• All tickers starting with F

Tagged: Fixed Income.

Frequently asked questions

More securities from First Trust.