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First Trust Short Duration Managed Municipal ETF
FSMB

140 hedge funds and large institutions have $441M invested in First Trust Short Duration Managed Municipal ETF in 2025 Q4 according to their latest regulatory filings, with 25 funds opening new positions, 55 increasing their positions, 34 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

200% more funds holding in top 10

Funds holding in top 10: 1 → 3 (+2)

92% more first-time investments, than exits

New positions opened: 25 | Existing positions closed: 13

62% more repeat investments, than reductions

Existing positions increased: 55 | Existing positions reduced: 34

19% more capital invested

Capital invested by funds: $370M → $441M (+$71.6M)

9% more funds holding

Funds holding: 129 → 140 (+11)

6.02% more ownership

Funds ownership: 81.16% → 87.18% (+6%)

Holders
140
Holders Change
+11
Holders Change %
+8.53%
% of All Funds
1.7%
Holding in Top 10
3
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+200%
% of All Funds
0.04%
New
25
Increased
55
Reduced
34
Closed
13
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Corient Private Wealth
Corient Private Wealth
Florida
+$25.3M
2
TFP
TrueWealth Financial Partners
Washington
+$4.05M
3
MOS
MGO One Seven
Ohio
+$1.77M
4
RWB
RMR Wealth Builders
New Jersey
+$1.59M
5
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
+$1.53M

Top Sellers

1
ARG
Advisory Resource Group
Oklahoma
-$2.56M
2
VWA
Visionary Wealth Advisors
Illinois
-$1.37M
3
Citadel Advisors
Citadel Advisors
Florida
-$1.11M
4
SFS
Sowell Financial Services
Arkansas
-$770K
5
CGH
Crossmark Global Holdings
Texas
-$715K
Name Holding Trade Value Shares
Change 		Change in
Stake
HPC
51
Hobart Private Capital
North Carolina
$1.14M – – –
AWM
52
Avaii Wealth Management
Wisconsin
$1.11M +$115K +5,753 +12%
PVI
53
Pine Valley Investments
New Jersey
$1.1M – – –
SFS
54
Security Financial Services
Indiana
$1.1M +$319K +15,913 +41%
EC
55
Elequin Capital
New York
$1.04M -$12.4K -618 -1%
SF
56
Summit Financial
New Jersey
$1.03M -$121K -6,029 -11%
Truist Financial
57
Truist Financial
North Carolina
$1.02M +$98.1K +4,891 +11%
FPWM
58
FSB Premier Wealth Management
Iowa
$979K -$1.73K -86 -0.2%
OAM
59
Occidental Asset Management
California
$923K +$10K +500 +1%
PAG
60
Private Advisor Group
New Jersey
$879K +$73.1K +3,645 +9%
JIR
61
James Investment Research
Ohio
$874K – – –
PFS
62
Prospera Financial Services
Texas
$854K +$53.8K +2,683 +7%
SWP
63
Stratos Wealth Partners
Ohio
$841K +$33.5K +1,673 +4%
DADC
64
D.A. Davidson & Co
Montana
$818K +$84K +4,190 +11%
Jane Street
65
Jane Street
New York
$813K +$813K +40,551 New
ACMA
66
Arbor Capital Management (Alaska)
Alaska
$798K +$52K +2,593 +7%
CIA
67
Concurrent Investment Advisors
Florida
$792K +$119K +5,940 +18%
IWA
68
Inspirion Wealth Advisors
Illinois
$788K -$6.72K -335 -0.8%
TCOO
69
Trust Company of Oklahoma
Oklahoma
$662K – – –
FTUS
70
Flow Traders U.S.
New York
$647K +$648K +32,291 New
Wealth Enhancement Advisory Services
71
Wealth Enhancement Advisory Services
Minnesota
$647K – – –
SPC
72
Sigma Planning Corp
Michigan
$632K +$633K +31,553 New
EIA
73
Eldridge Investment Advisors
New Hampshire
$631K – – –
CFG
74
Capital Financial Group
Colorado
$609K +$610K +30,400 New
KFAS
75
Keating Financial Advisory Services
Kansas
$564K +$564K +28,119 New
1 2
3
4 5

FSMB Hedge Fund Activity: Q4 2025 in Review

140 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in First Trust Short Duration Managed Municipal ETF (FSMB) for Q4 2025, worth a combined $441M — up 19% from $370M a quarter earlier.

Buyers outnumbered sellers: 25 funds opened new FSMB positions and 13 closed out — a net gain of 12 holders — while 55 added to existing stakes and 34 trimmed.

The largest buyer was Corient Private Wealth, adding an estimated $25.3M. The largest seller was Advisory Resource Group, exiting entirely with an estimated $2.56M sold.

  • 140 institutional investors held First Trust Short Duration Managed Municipal ETF (FSMB) as of Q4 2025, up from 129 in Q3 2025.
  • Funds reported $441M of First Trust Short Duration Managed Municipal ETF stock for Q4 2025, up 19% quarter-over-quarter.
  • 25 funds opened new First Trust Short Duration Managed Municipal ETF positions in Q4 2025 and 13 closed out, a net change of +12 holders.
  • The largest First Trust Short Duration Managed Municipal ETF buyer in Q4 2025 was Corient Private Wealth, an estimated $25.3M added.
  • The largest First Trust Short Duration Managed Municipal ETF seller in Q4 2025 was Advisory Resource Group, an estimated $2.56M sold.

Based on aggregated 13F filings for Q4 2025.