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First Trust Short Duration Managed Municipal ETF
FSMB

139 hedge funds and large institutions have $462M invested in First Trust Short Duration Managed Municipal ETF in 2026 Q1 according to their latest regulatory filings, with 15 funds opening new positions, 67 increasing their positions, 38 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

76% more repeat investments, than reductions

Existing positions increased: 67 | Existing positions reduced: 38

15% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 13

5% more capital invested

Capital invested by funds: $441M → $462M (+$21.1M)

1% less funds holding

Funds holding: 140 → 139 (-1)

7.72% less ownership

Funds ownership: 87.18% → 79.46% (-7.7%)

33% less funds holding in top 10

Funds holding in top 10: 3 → 2 (-1)

Holders
139
Holders Change
-1
Holders Change %
-0.71%
% of All Funds
1.71%
Holding in Top 10
2
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-33.33%
% of All Funds
0.02%
New
15
Increased
67
Reduced
38
Closed
13
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
LPL Financial
LPL Financial
California
+$17M
2
Morgan Stanley
Morgan Stanley
New York
+$14.8M
3
Cetera Investment Advisers
Cetera Investment Advisers
Illinois
+$6.79M
4
Goldman Sachs
Goldman Sachs
New York
+$3.98M
5
FF
Francis Financial
+$3.95M

Top Sellers

1
Corient Private Wealth
Corient Private Wealth
Florida
-$28.1M
2
TFP
TrueWealth Financial Partners
Washington
-$4.04M
3
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
-$3.15M
4
Osaic Holdings
Osaic Holdings
Arizona
-$1.91M
5
SG
StoneX Group
New York
-$1.27M
Name Holding Trade Value Shares
Change 		Change in
Stake
GEA
126
Glen Eagle Advisors
New Jersey
$79.8K +$80 +4 +0.1%
US Bancorp
127
US Bancorp
Minnesota
$55.3K -$42.7K -2,121 -43%
HBW
128
Hazlett, Burt & Watson
West Virginia
$55K – – –
LWMI
129
Legacy Wealth Management (Idaho)
Idaho
$53.2K +$47.7K +2,370 +801%
TRCT
130
Tower Research Capital (TRC)
New York
$43.8K -$1.11M -55,269 -96%
EWM
131
Evolution Wealth Management
Florida
$32.7K – – –
ASN
132
Advisory Services Network
Georgia
$31.9K +$32.2K +1,600 New
GSWM
133
Golden State Wealth Management
California
$23.5K -$229K -11,396 -91%
T
134
Tidemark
California
$15.1K -$1.51K -75 -9%
PTC
135
Private Trust Company
Ohio
$12.3K – – –
CI
136
CX Institutional
Indiana
$10K -$50.2K -2,496 -83%
VWM
137
Vermillion Wealth Management
Minnesota
$5.37K – – –
PA
138
Parallel Advisors
California
$3.99K +$4.02K +200 New
LFG
139
Larson Financial Group
Missouri
$599 -$141 -7 -19%
TFP
140
TrueWealth Financial Partners
Washington
– -$4.04M -201,726 Closed
SG
141
StoneX Group
New York
– -$1.27M -63,191 Closed
EC
142
Elequin Capital
New York
– -$1.04M -51,965 Closed
FTUS
143
Flow Traders U.S.
New York
– -$647K -32,291 Closed
FTS
144
Fifth Third Securities
Ohio
– -$439K -21,880 Closed
MWM
145
Modern Wealth Management
Kansas
– -$246K -12,293 Closed
HH
146
Hilltop Holdings
Texas
– -$231K -11,545 Closed
IFG
147
Independent Financial Group
California
– -$218K -10,866 Closed
STA
148
Shade Tree Advisors
New York
– -$218K -10,866 Closed
IA
149
IFG Advisory
Georgia
– -$207K -10,342 Closed
BWM
150
BlackDiamond Wealth Management
New York
– -$208K -10,310 Closed
3 4 5
6
7

FSMB Hedge Fund Activity: Q1 2026 in Review

139 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in First Trust Short Duration Managed Municipal ETF (FSMB) for Q1 2026, worth a combined $462M — up 4.8% from $441M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new FSMB positions and 13 closed out — a net gain of 2 holders — while 67 added to existing stakes and 38 trimmed.

The largest buyer was LPL Financial, adding an estimated $17M. The largest seller was Corient Private Wealth, cutting an estimated $28.1M.

  • 139 institutional investors held First Trust Short Duration Managed Municipal ETF (FSMB) as of Q1 2026, down from 140 in Q4 2025.
  • Funds reported $462M of First Trust Short Duration Managed Municipal ETF stock for Q1 2026, up 4.8% quarter-over-quarter.
  • 15 funds opened new First Trust Short Duration Managed Municipal ETF positions in Q1 2026 and 13 closed out, a net change of +2 holders.
  • The largest First Trust Short Duration Managed Municipal ETF buyer in Q1 2026 was LPL Financial, an estimated $17M added.
  • The largest First Trust Short Duration Managed Municipal ETF seller in Q1 2026 was Corient Private Wealth, an estimated $28.1M sold.

Based on aggregated 13F filings for Q1 2026.