FMB Fees and Costs — First Trust Managed Municipal ETF
Data updated: 2026-09-24
The net expense ratio is 0.39%. There are no sales loads or redemption fees. Portfolio turnover was 32%.
FMB Fees and Expenses
Annual operating expenses and sales charges of FMB. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.39% |
| Fee waiver | — |
| Net expense ratio | 0.39% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FMB Costs Over Time
On $10,000 invested in FMB, assuming 5% a year before costs, total costs come to $247 over 5 years, cutting the return by 0.41% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.39%) | $41 | $129 | $224 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $135 | $247 |
| Value after costs | $10,459 | $11,441 | $12,516 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
FMB Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
FMB Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $147.5M | 17.18% |
| WELLS FARGO SECURITIES, LLC | $113.9M | 13.27% |
| J.P. Morgan Securities LLC | $104.3M | 12.15% |
| BOFA SECURITIES, INC. | $94.7M | 11.03% |
| KEYBANC CAPITAL MARKETS, INC. | $92.8M | 10.81% |
| MORGAN STANLEY & CO. LLC | $73.9M | 8.61% |
| GOLDMAN SACHS & CO. LLC | $67.1M | 7.81% |
| RBC CAPITAL MARKETS, LLC | $61.1M | 7.11% |
| BARCLAYS CAPITAL, INC. | $52.9M | 6.16% |
| JEFFERIES LLC | $50.4M | 5.87% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.