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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
CA
126
CoreCap Advisors
Michigan
$135K +$96.6K +4,817 +248%
NS
127
NBC Securities
Alabama
$116K +$902 +45 +0.8%
FRA
128
Front Row Advisors
California
$100K – – –
US Bancorp
129
US Bancorp
Minnesota
$98K +$26.2K +1,306 +36%
TAM
130
Tucker Asset Management
Colorado
$82.2K +$82.2K +4,100 New
GEA
131
Glen Eagle Advisors
New Jersey
$80.1K +$80 +4 +0.1%
CI
132
CX Institutional
Indiana
$60K +$50.2K +2,504 +500%
HBW
133
Hazlett, Burt & Watson
West Virginia
$55K +$29.1K +1,450 +112%
EWM
134
Evolution Wealth Management
Florida
$32.9K – – –
SPIA
135
Steward Partners Investment Advisory
New York
$30.1K – – –
T
136
Tidemark
California
$16.7K – – –
PTC
137
Private Trust Company
Ohio
$12.3K -$23.4K -1,165 -65%
LWMI
138
Legacy Wealth Management (Idaho)
Idaho
$5.93K +$5.94K +296 New
VWM
139
Vermillion Wealth Management
Minnesota
$5.39K – – –
LFG
140
Larson Financial Group
Missouri
$749 – – –
ARG
141
Advisory Resource Group
Oklahoma
– -$2.56M -127,534 Closed
VWA
142
Visionary Wealth Advisors
Illinois
– -$1.37M -68,257 Closed
Citadel Advisors
143
Citadel Advisors
Florida
– -$1.11M -55,398 Closed
CGH
144
Crossmark Global Holdings
Texas
– -$715K -35,649 Closed
UWP
145
Uniting Wealth Partners
Kansas
– -$354K -17,626 Closed
Goldman Sachs
146
Goldman Sachs
New York
– -$336K -16,746 Closed
ATPW
147
Ashton Thomas Private Wealth
Arizona
– -$307K -15,312 Closed
CCA
148
Clearwater Capital Advisors
Illinois
– -$301K -15,000 Closed
IWA
149
Integrity Wealth Advisors
California
– -$248K -12,375 Closed
TIAA Trust, National Association
150
TIAA Trust, National Association
North Carolina
– -$207K -10,325 Closed
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.