First Trust Short Duration Managed Municipal ETF (FSMB) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FSMB. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FSMB
FSMB charges 0.45% annually. There are 128 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Vanguard Tax-Exempt Bond ETF | 0.03% | 47.60B | Aug 2015 | FSMB vs VTEB | |
| Schwab Municipal Bond ETF | 0.03% | 4.00B | Oct 2022 | FSMB vs SCMB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | FSMB vs FMUN | |
| Northern Trust Intermediate Tax-Exempt Bond ETF | 0.05% | 163.46M | Aug 2025 | FSMB vs TAXI | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 126.55M | Aug 2025 | FSMB vs TAXS |
Best Risk-Adjusted Alternatives to FSMB
FSMB has a PortfoliosLab risk / return rank of 82. There are 45 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2027 Municipal Bond ETF | 97 | 8.64M | Sep 2024 | FSMB vs MYMG | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 245.94M | Nov 2018 | FSMB vs FUMB | |
| State Street My2026 Municipal Bond ETF | 97 | 8.73M | Sep 2024 | FSMB vs MYMF | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | FSMB vs AUSM | |
| iShares Short Maturity Municipal Bond ETF | 96 | 1.41B | Mar 2015 | FSMB vs MEAR |
Top Performing FSMB Alternatives (YTD)
FSMB is at 1.32% YTD. There are 91 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 4.58%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 4.58% | 143.84M | Jun 2013 | FSMB vs RVNU | |
| Rareview Tax Advantaged Income ETF | 4.03% | 18.13M | Oct 2020 | FSMB vs RTAI | |
| First Trust Flexible Municipal High Income ETF | 4.02% | 20.73M | Sep 2016 | FSMB vs MFLX | |
| T. Rowe Price High Income Municipal ETF | 3.75% | 25.42M | Nov 2025 | FSMB vs THYM | |
| Overlay Shares Municipal Bond ETF | 3.73% | 30.60M | Sep 2019 | FSMB vs OVM |
Lowest Volatility Alternatives to FSMB
FSMB has 1.42% 1-year volatility. There are 25 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 33.31M | Sep 2025 | FSMB vs ZMUN | |
| iShares Short-Term California Muni Active ETF | 0.71% | 408.07M | Oct 2007 | FSMB vs CALI | |
| State Street My2026 Municipal Bond ETF | 0.71% | 8.73M | Sep 2024 | FSMB vs MYMF | |
| Allspring Ultra Short Municipal ETF | 0.73% | 30.06M | Jul 2025 | FSMB vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.79% | 245.94M | Nov 2018 | FSMB vs FUMB |
Lowest Drawdown Alternatives to FSMB
FSMB has a 1-year max drawdown of -1.29%. There are 25 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 245.94M | Nov 2018 | FSMB vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 283.20M | Sep 2019 | FSMB vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 38.99M | Jul 2024 | FSMB vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.64M | Sep 2024 | FSMB vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 581.67M | Apr 2019 | FSMB vs IBMO |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 14 categories. AUM among these funds goes as high as $14B.
Often Compared With FSMB
Investors most often compare FSMB with JMST, SUB, FXAIX. These 19 comparison targets span 13 categories, based on PortfoliosLab usage data.
Compare FSMB with Any Fund or Stock
Compare FSMB with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FSMB with funds that move differently
First Trust Short Duration Managed Municipal ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FSMB.
Explore FSMB Diversifiers