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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
FVWA
76
Foster Victor Wealth Advisors
South Carolina
$547K -$11.1K -554 -2%
CWM
77
Castle Wealth Management
Florida
$525K +$160K +7,955 +44%
NFG
78
Norris Financial Group
South Carolina
$520K – – –
WA
79
Waddell & Associates
Tennessee
$502K +$503K +25,059 New
SWTS
80
Stonehaven Wealth & Tax Solutions
Wisconsin
$484K +$485K +24,165 New
PWP
81
Principle Wealth Partners
Connecticut
$482K +$73.1K +3,644 +18%
SWP
82
Summit Wealth Partners
Florida
$469K – – –
WIA
83
World Investment Advisors
California
$449K -$40.3K -2,012 -8%
FTS
84
Fifth Third Securities
Ohio
$439K +$439K +21,880 New
OPOWM
85
One Plus One Wealth Management
Florida
$423K -$24.7K -1,234 -6%
SCA
86
Snowden Capital Advisors
New York
$417K +$110K +5,490 +36%
CWP
87
Core Wealth Partners
California
$398K -$116K -5,799 -23%
CIAS
88
Capital Investment Advisory Services
North Carolina
$395K +$12.3K +612 +3%
AWM
89
AE Wealth Management
Kansas
$369K +$29.5K +1,470 +9%
WIP
90
WealthCare Investment Partners
Rhode Island
$337K +$337K +16,788 New
KWS
91
Keystone Wealth Services
California
$331K – – –
NG
92
Novem Group
New York
$327K +$66.5K +3,315 +26%
FF
93
Foronjy Financial
California
$322K -$53.9K -2,688 -14%
IAIM
94
International Assets Investment Management
Florida
$301K +$301K +14,993 New
RWA
95
Rooted Wealth Advisors
Illinois
$290K -$6.82K -340 -2%
SAM
96
Strategy Asset Managers
California
$287K +$287K +14,330 New
P
97
&Partners
Tennessee
$287K +$287K +14,300 New
HW
98
Hedeker Wealth
Illinois
$272K +$6.18K +308 +2%
FFA
99
Farther Finance Advisors
California
$270K +$157K +7,842 +139%
KPWS
100
Kestra Private Wealth Services
Texas
$265K -$24.1K -1,201 -8%
2 3
4
5 6

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.