First Trust Short Duration Managed Municipal ETF
First Trust Short Duration Managed Municipal ETF (AMEX: FSMB) is an exchange-traded fund listed on NYSE Arca, trading at $19.39 (about ₹1,863 a unit) as of 29 Sep 2026, 3:59 PM ET. It has an expense ratio of 0.34% and holds 567 securities. Indian residents can buy FSMB through Paasa under the RBI's Liberalised Remittance Scheme.
Quote
Today's low
$19.37
Today's high
$19.43
52 week low
$19.37
52 week high
$20.25
FSMB opened at $19.43, closed previously at $19.41, and has traded between $19.37 and $20.25 over the past 52 weeks.
About
First Trust Exchange-Traded Fund III - First Trust Short Duration Managed Municipal ETF is an exchange traded fund launched and managed by First Trust Advisors L.P. It invests in the fixed income markets of the United States. The fund invests in the municipal debt securities issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities and with a weighted average duration between 1 and 3 years. It invests in investment grade securities that are rated as at least BBB- by S&P and Fitch and at least Baa3 by Moody’s. The fund seeks to benchmark the performance of its performance against the Bloomberg Municipal Short (1-5) Year Index and the Bloomberg Municipal Bond Index. First Trust Exchange-Traded Fund III - First Trust Short Duration Managed Municipal ETF was formed on November 1, 2018 and is domiciled in the United States.
Key statistics
Expense ratio
0.34%
Assets (AUM)
$633.2M
Holdings
567
NAV
$19.45
Avg. volume
—
1-year price change
-3.44%
5-year price change
-7.05%
Price change excludes dividends.
Top 10 holdings
FSMB holds 567 securities in total. These 10 are 7.4% of the fund.
Where the money is invested
Countries
How to buy FSMB from India
Indian residents can buy FSMB units through Paasa in three steps. Funds leave India under the RBI's Liberalised Remittance Scheme and the units are held in your own name with Interactive Brokers.
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Search FSMB and buy
Find the fund by its ticker, FSMB, on NYSE Arca, and place your order. Fractional units are available and there is no minimum trade size, so you can buy by amount.
Read the full guide: how to invest in FSMB from India
Trading and taxes when buying FSMB from India
Trading and limits
- Trading hours
- 9:30 am – 4:00 pm ET
- LRS limit
- $250,000Per financial year, under the RBI's Liberalised Remittance Scheme.
Tax for Indian residents
- TCS on remittance
- 20%Collected by your bank on LRS remittances above ₹10 lakh in a financial year. The TCS is adjustable against your income-tax liability.Adjusting TCS against your tax
- Capital gains in India
- Taxable in IndiaGains are taxable in India. Debt-oriented funds can be taxed differently from equity funds, so confirm your rate before selling.
- Dividends
- Slab rateIt pays the dividends from its holdings out to you in cash, and dividends are taxed at your slab rate in India.Dividend tax explained
- US estate tax
- May applyUS-situs assets such as US-listed shares can be exposed to US estate tax for non-US persons.US estate tax calculator
Custody. Units are held in your own name at Interactive Brokers LLC and are SIPC-insured up to $500,000 in total, including $250,000 for cash.
FAQs
What is the FSMB price today?
First Trust Short Duration Managed Municipal ETF (FSMB) last traded at $19.39 on NYSE Arca, as of 29 Sep 2026, 3:59 PM ET. That is ₹1,863 a unit at the 28 Sep 2026 USD/INR rate.
When does FSMB trade, in Indian time?
NYSE Arca trades 7:00 pm – 1:30 am IST, so the close lands after midnight. The window shifts to 8:00 pm – 2:30 am IST when the US is on standard time. Orders can only execute during that window.
How big is FSMB, and what does it cost to hold?
First Trust Short Duration Managed Municipal ETF manages about $633.2M. Its expense ratio is 0.34% a year, deducted inside the fund. It launched in 2018.
What are FSMB's largest holdings?
The top three are SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL Variable rate, due 11/01/2055 (1.0%), NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041 (0.9%) and OHIO ST AIR QUALITY DEV AUTH Variable rate, due 11/01/2039 (0.8%). FSMB's 10 largest positions make up 7.4% of the fund.
Does FSMB pay dividends?
Yes. FSMB is a distributing fund and pays the dividends from its holdings out in cash. In India they are taxed at your slab rate.
How are gains on FSMB taxed in India?
Gains are taxable in India. Debt-oriented funds can be taxed differently from equity funds, so confirm your rate before selling.
Can I buy fractional units of FSMB?
Yes. You can buy FSMB by amount rather than by whole unit, and there is no minimum trade size.
How has FSMB performed?
FSMB's price is down 3.4% over the past year and down 7.0% over five years. These figures are price change only and exclude dividends; past performance does not guarantee future returns.