Morningstar

First Trust Managed Municipal ETF FMB

Medalist Rating as of Apr 27, 2026 See First Trust Investment Hub

Will FMB outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

Start a 7-Day Free Trial

Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FMB’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the FMB management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of FMB’s parent organization’s priorities and whether they’re in line with investors’ interests.

An active muni ETF with an appetite for credit risk.

Associate Analyst Rafael Ramirez

Rafael Ramirez

Associate Analyst

Summary

First Trust Managed Municipal ETF’s research capabilities are sufficient, but the team’s propensity to take more credit risk than most muni national intermediate Morningstar Category peers hasn’t paid off.

by Rafael Ramirez

Rated on Apr 27, 2026 Published on Apr 27, 2026

Start a 7-Day Free Trial

Unlock our full analysis with Morningstar Investor

Sponsor Center

Transparency is our policy. Learn how it impacts everything we do

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your personal data

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

Verify your identity, personalize the content you receive, or create and administer your account.
Provide specific products and services to you, such as portfolio management or data aggregation.
Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

How we approach editorial content

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

© Copyright 2026 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.