ETF Evaluator:
First Trust Ultra Short Dur Muncpl ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Muni National Short Over the Last Year
| 5.4% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 3.2% | Vanguard Short Duration Tax-Exm Bd ETF (VSDM) |
| 3.2% | Capital Group Short Dur Muncpl Inc ETF (CGSM) |
| 3.2% | NYLI MacKay Muni Short Duration ETF (MMSD) |
| 3.2% | PGIM Ultra Short Municipal Bond ETF (PUSH) |
Risk
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Risk
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ETF Details
First Trust Ultra Short Dur Muncpl ETF Overview
First Trust Ultra Short Dur Muncpl ETF (FUMB) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). First Trust launched the ETF in 2018.
The investment 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. The weighted average duration of the fund's portfolio is expected to be less than one year.
About First Trust Ultra Short Dur Muncpl ETF (FUMB)
There are 3 members of the management team with an average tenure of 4.80 years: Johnathan Wilhelm (2018), Shawn O'Leary (2024) and Thomas Byron (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal Short-Term TR USD index with a weighting of 100%. First Trust Ultra Short Dur Muncpl ETF has 250 securities in its portfolio. The top 10 holdings constitute 8.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
First Trust Ultra Short Dur Muncpl ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. First Trust Ultra Short Dur Muncpl ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 84.6% (84.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). First Trust Ultra Short Dur Muncpl ETF has 15.4% of the portfolio in cash.
Assets Under Management
The fund has $246 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FUMB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The First Trust Ultra Short Dur Muncpl ETF expense ratio is below average compared to funds in the Muni National Short category. First Trust Ultra Short Dur Muncpl ETF has an expense ratio of 0.29%, which is 38% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. First Trust Ultra Short Dur Muncpl ETF has a portfolio turnover rate of 113%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Muni National Short category.
Recently, in the month of July 2026, First Trust Ultra Short Dur Muncpl ETF returned 0.1%, which earned it a grade of A, as the Muni National Short category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
First Trust Ultra Short Dur Muncpl ETF has a trailing yield of 2.75%, which is below the 2.91% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
First Trust Ultra Short Dur Muncpl ETF Grades
Year to date, the ETF has returned 1.4%, 0.3 percentage points better than the category, which translates into a grade of A. The fund has returned 2.4% over the past year (grade of D), 2.9% over the past three years (grade of D) and 2.0% per year over the past five years (grade of B).
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FUMB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FUMB Return (NAV) | 0.1% | 0.6% | 2.4% | 2.9% | 2.0% | na |
| FUMB Return (Price) | 0.1% | 0.6% | 2.3% | 2.9% | 2.0% | na |
| NAV +/- Price Return | 0.000% | 0.000% | 0.076% | 0.015% | 0.010% | na |
| Muni National Short Avg | -0.2% | 0.4% | 2.8% | 3.2% | 1.7% | 1.5% |
| FUMB Grade (NAV) | A | A | D | D | B | na |
| +/- Category (NAV) | 0.4% | 0.3% | -0.3% | -0.2% | 0.3% | na |
| FUMB Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FUMB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FUMB Return (NAV) | 1.4% | 2.9% | 2.8% | 3.2% | -0.1% | 0.3% | 1.4% | 1.8% | na | na | na |
| FUMB Return (Price) | 1.5% | 2.8% | 3.1% | 2.8% | -0.0% | 0.4% | 1.2% | 1.8% | na | na | na |
| NAV +/- Price Ret | 0.054% | -0.052% | 0.092% | -0.117% | -0.666% | 0.164% | -0.103% | -2.4% | na | na | na |
| Muni National Short Avg | 1.1% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| FUMB Grade (NAV) | A | F | C | D | B | B | D | F | na | na | na |
| +/- Category | 0.3% | -0.9% | 0.1% | -0.6% | 2.0% | -0.1% | -0.7% | -1.2% | na | na | na |
| Risk Measures | |
| Beta: | 0.07 |
| R-Squared: | 55% |
| Standard Deviation: | 0.6% |
| Category Risk Index: | 0.31 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.04 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 2.8% |
| Total Assets: | $ 246 Mil |
| Share Class Assets: | $ 246 Mil |
| Turnover: | 113.0% |
| Expense Ratio: | 0.29% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Wilhelm Johnathan (2018), Byron Thomas (2022), O'Leary Shawn (2024) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 250 |
| % in Top 10 Holdings: | 8.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 84.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 15.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | First Trust |
| Phone Number: | 800-621-1675 |
| Website: | www.ftportfolios.com |
| Inception Date: | November 1, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.29% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.21% |
