First Trust Managed Municipal ETF FMB

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

Will FMB outperform in the future?

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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.

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

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Portfolio Holdings FMB

More FMB Holdings

Current Portfolio DateNov 12, 2026
Equity Holdings—
Bond Holdings—
Other Holdings—
% Assets in Top 10 Holdings4.3

Top 10 Holdings	% Portfolio Weight	Market Value USD	Sector
MEADE CNTY KY INDL BLDG REV 3.05%	0.86	16M	municipal
MAIN STR NAT GAS INC GA GAS SUPPLY REV 4%	0.76	14M	municipal
PEFA INC IOWA GAS PROJ REV 5%	0.52	10M	municipal
NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 4%	0.52	10M	municipal
ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV 5.5%	0.48	9M	municipal
ATLANTA GA ARPT PASSENGER FAC CHARGE REV 4%	0.46	9M	municipal
PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.5%	0.44	8M	municipal
SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4%	0.43	8M	municipal
COLORADO HEALTH FACS AUTH REV 4%	0.41	8M	municipal
COLORADO HEALTH FACS AUTH REV 5%	0.41	8M	municipal

First Trust Managed Municipal ETF FMB

Morningstar’s Analysis FMB

Will FMB outperform in the future?

Process Pillar

People Pillar

Parent Pillar

An active muni ETF with an appetite for credit risk.

Summary

Portfolio Holdings FMB

MEADE CNTY KY INDL BLDG REV 3.05%

MAIN STR NAT GAS INC GA GAS SUPPLY REV 4%

PEFA INC IOWA GAS PROJ REV 5%

NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 4%

ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV 5.5%

ATLANTA GA ARPT PASSENGER FAC CHARGE REV 4%

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.5%

SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4%

COLORADO HEALTH FACS AUTH REV 4%

COLORADO HEALTH FACS AUTH REV 5%

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