FSMB Fees and Costs — First Trust Short Duration Managed Municipal ETF
Data updated: 2026-10-13
The net expense ratio is 0.55%. There are no sales loads or redemption fees. Portfolio turnover was 45%.
FSMB Fees and Expenses
Annual operating expenses and sales charges of FSMB. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.55% |
| Fee waiver | — |
| Net expense ratio | 0.55% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
FSMB Costs Over Time
On $10,000 invested in FSMB, assuming 5% a year before costs, total costs come to $347 over 5 years, cutting the return by 0.58% 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 0.55%) | $58 | $181 | $315 |
| Lost growth on money paid in costs | $0 | $9 | $32 |
| Total costs | $58 | $190 | $347 |
| Value after costs | $10,442 | $11,386 | $12,416 |
| Impact on return, per year | 0.58% | 0.58% | 0.58% |
FSMB Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $375.6M
- Portfolio turnover (prospectus): 45%
FSMB Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $54.6M | 19.55% |
| BOFA SECURITIES, INC. | $52.4M | 18.75% |
| WELLS FARGO SECURITIES, LLC | $47.1M | 16.87% |
| MORGAN STANLEY & CO. LLC | $25.9M | 9.27% |
| BARCLAYS CAPITAL, INC. | $18.6M | 6.65% |
| RBC CAPITAL MARKETS, LLC | $18.5M | 6.63% |
| FMSBONDS, INC. | $16.5M | 5.91% |
| B. C. ZIEGLER AND COMPANY | $16.3M | 5.82% |
| GOLDMAN SACHS & CO. LLC | $15.3M | 5.47% |
| STIFEL, NICOLAUS & COMPANY, INC. | $14.2M | 5.08% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.