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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
PCIA
101
Prime Capital Investment Advisors
Kansas
$254K -$316K -15,767 -55%
GSWM
102
Golden State Wealth Management
California
$252K +$180 +9 +0.1%
CCM
103
Chilton Capital Management
Texas
$250K – – –
CAC
104
Certified Advisory Corp
Florida
$249K – – –
MWM
105
Modern Wealth Management
Kansas
$246K -$207K -10,333 -46%
NGA
106
Naples Global Advisors
Florida
$241K – – –
CWA
107
Crux Wealth Advisors
California
$233K +$233K +11,612 New
HH
108
Hilltop Holdings
Texas
$231K +$4.35K +217 +2%
FEG
109
Financial Enhancement Group
Indiana
$231K +$231K +11,498 New
Janney Montgomery Scott
110
Janney Montgomery Scott
Pennsylvania
$229K +$229K +11,414 New
CAL
111
Capital Analysts LLC
Pennsylvania
$219K – – –
IFG
112
Independent Financial Group
California
$218K – – –
STA
113
Shade Tree Advisors
New York
$218K +$218K +10,866 New
Mariner
114
Mariner
Kansas
$214K -$1.46K -73 -0.7%
AWA
115
Alta Wealth Advisors
Massachusetts
$214K -$4.19K -209 -2%
BWM
116
BlackDiamond Wealth Management
New York
$208K -$12.2K -609 -6%
IA
117
IFG Advisory
Georgia
$207K – – –
PFGIA
118
Patriot Financial Group Insurance Agency
Massachusetts
$206K – – –
RWA
119
Redhawk Wealth Advisors
Minnesota
$204K +$204K +10,197 New
CAPTRUST Financial Advisors
120
CAPTRUST Financial Advisors
North Carolina
$203K +$203K +10,119 New
LI
121
LVZ Inc
Michigan
$202K – – –
KWM
122
Kingsview Wealth Management
Oregon
$200K – – –
HP
123
Holistic Planning
Texas
$200K +$200K +9,985 New
HI
124
Harbour Investments
Wisconsin
$154K +$49.9K +2,490 +48%
PB
125
Pinnacle Bancorp
Nebraska
$149K – – –
3 4
5
6 7

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.