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Investment Objective/Strategy - The First Trust Short Duration Managed Municipal ETF seeks to provide federally tax-exempt income consistent with capital preservation. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes.
There can be no assurance that the Fund's investment objectives will be achieved.
Ticker | FSMB |
Fund Type | Tax-Free Fixed Income |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Brown Brothers Harriman |
CUSIP | 33739P830 |
ISIN | US33739P8308 |
Intraday NAV | FSMBIV |
Fiscal Year-End | 07/31 |
Exchange | NYSE Arca |
Inception | 11/1/2018 |
Inception Price | $20.00 |
Inception NAV | $20.00 |
Gross Expense Ratio* | 0.55% |
Net Expense Ratio* | 0.45% |
* As of 12/1/2020
First Trust has contractually agreed to waive management fees of 0.10% of average daily net assets until November 30, 2021.
Closing NAV1 | $20.74 |
Closing Market Price2 | $20.76 |
Bid/Ask Midpoint | $20.75 |
Bid/Ask Premium | 0.05% |
30-Day Median Bid/Ask Spread3 | 0.14% |
Total Net Assets | $82,972,441 |
Outstanding Shares | 4,000,002 |
Daily Volume | 17,639 |
Average 30-Day Daily Volume | 44,541 |
Closing Market Price 52-Week High/Low | $20.93 / $19.42 |
Closing NAV 52-Week High/Low | $20.93 / $19.55 |
Number of Holdings (excluding cash) | 254 |
Holding |
Percent |
NEWARK NJ N/C, 3.50%, due 07/27/2021 |
1.85% |
HOUSTON TX ARPT SYS REVENUE N/C, 5%, due 07/15/2027 |
1.81% |
TENDER OPTION BOND TRUST RECPTS Variable rate, due 06/15/2038 |
1.75% |
MIDDLESEX CNTY NJ CTFS PARTN 5%, due 10/15/2031 |
1.57% |
ARIZONA ST INDL DEV AUTH REV B/C, 5%, due 05/01/2027 |
1.50% |
UNIV OF CONNECTICUT CT N/C, 5%, due 11/01/2026 |
1.45% |
NEW JERSEY ST N/C, 5%, due 06/01/2025 |
1.43% |
ALABAMA FEDERAL AID HIGHWAY FIN AUTH 5%, due 09/01/2030 |
1.39% |
MICHIGAN ST FIN AUTH REVENUE 5%, due 07/01/2028 |
1.30% |
COCONINO CNTY AZ POLL CONTROL CORP Variable rate, due 09/01/2032 |
1.25% |
*Â Excluding cash.Â
Holdings are subject to change.
State |
Percent |
Texas |
9.10% |
New York |
7.92% |
Florida |
7.35% |
Pennsylvania |
7.14% |
New Jersey |
6.76% |
Illinois |
6.49% |
Arizona |
4.33% |
Connecticut |
4.15% |
Georgia |
3.89% |
California |
3.84% |
Past performance is not indicative of future results.
Net Weighted Average Effective Duration (Includes Short Positions)11 | 2.64 Years |
Weighted Average Effective Duration (Long Positions)11 | 2.73 Years |
Net Weighted Average Modified Duration12 | 2.65 Years |
Weighted Average Effective Maturity | 4.12 Years |
Weighted Average Price | $109.74 |
Weighted Average Coupon | 4.15% |
Short Position - US Treasury Futures | -0.95% |
Portfolio information statistics exclude cash and other assets and liabilities.
Years |
Percent |
0 - 0.99 Years |
17.37% |
1 - 1.99 Years |
10.28% |
2 - 2.99 Years |
13.30% |
3 - 3.99 Years |
11.16% |
4 - 4.99 Years |
17.16% |
5 - 5.99 Years |
5.67% |
6 - 6.99 Years |
6.60% |
7 - 7.99 Years |
5.59% |
8 - 8.99 Years |
1.97% |
9 - 9.99 Years |
3.89% |
10 - 14.99 Years |
6.25% |
15 - 19.99 Years |
0.58% |
Cash |
0.18% |
|
2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Days Traded at Premium |
191 |
31 |
--- |
--- |
Days Traded at Discount |
62 |
7 |
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--- |
Cash
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0.18%
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AAA
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2.68%
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AA
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27.66%
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A
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30.70%
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BBB
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17.75%
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BB
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6.66%
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B
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0.64%
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NR
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8.94%
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SP-1+ (short-term)
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0.62%
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SP-1/MIG1 (short-term)
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0.62%
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SP-2/MIG2 (short-term)
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3.55%
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The credit quality information presented reflects the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor's Ratings Group, a division of the McGraw Hill Companies, Inc., Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest ratings are used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
GO-UNLTD
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11.61%
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INSURED
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9.91%
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GAS
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8.85%
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HOSPITAL
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7.29%
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COP
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7.10%
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SPECIAL ASSESSMENT
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6.98%
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EDUCATION
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6.54%
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UTILITY
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6.13%
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DEDICATED TAX
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5.07%
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CCRC
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5.05%
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Bloomberg Barclays Municipal Short (1-5) Year Index - The index measures the performance of municipal bonds with time to maturity of more than one year and less than five years.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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