FMB vs JMST: Holdings Overlap
FMBFirst Trust Managed Municipal ETF
First Trust · 1256 holdings · $2.0B · as of 2026-04-30
JMSTJPMorgan Ultra-Short Municipal Income ETF
JPMorgan · 1799 holdings · $7.1B · as of 2026-05-31
Holdings snapshots are 31 days apart (FMB: 2026-04-30, JMST: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FMB and JMST?
First Trust Managed Municipal ETF (FMB, by First Trust) holds 1256 positions; JPMorgan Ultra-Short Municipal Income ETF (JMST, by JPMorgan) holds 1799. They have 5 holdings in common, and by portfolio weight the two funds are 0.3% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 0.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 5FMB holds 1256 · JMST holds 1799
- Weight in Shared Holdings
- FMB 1%·JMST 1%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FMB
1251 of 1256 positions (98.4% of the fund) are not held by JMST. Showing the top 30 by weight.
- KY MEADEV 08/01/20610.81%
- GA MAIUTL 09/01/20520.73%
- NY NYCGEN 4 11/01/20370.50%
- Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023B0.46%
- Energy Southeast A Cooperative District, Series 2023A-10.46%
- City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien, Series 2019D0.45%
Only in JMST
1794 of 1799 positions (71.7% of the fund) are not held by FMB. Showing the top 30 by weight.
- State of Washington, Various Purpose, Series R-2026A0.90%
- State of Minnesota, Various Purpose, Series 2025D0.78%
- Township of Woodbridge0.71%
- Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2026A0.68%
- County of Hamilton Sales Tax, Series 20250.66%
- City of Bristol0.59%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FMB | -1.0% | +1.1% | +5.4% | +3.7% | +0.4% | +2.1% | 3.60% |
| JMST | +0.2% | +1.4% | +2.5% | +3.4% | +2.3% | — | 2.61% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FMB vs JMST →
Shared Holdings(5)
The top 5 shared positions account for 100% of the overlap, led by Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A, State of Illinois, Series 2017C and Health and Educational Facilities Authority of the State of Missouri, Series 2021C.
| Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A | 0.21% | 0.36% | 0.21% |
|---|---|---|---|
| State of Illinois, Series 2017C | 0.23% | 0.06% | 0.06% |
| Health and Educational Facilities Authority of the State of Missouri, Series 2021C | 0.05% | 0.30% | 0.05% |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Series 2022F | 0.04% | 0.03% | 0.03% |
| Black Belt Energy Gas District, Gas Project No. 6, Series 2021B | 0.50% | 0.00% | 0.00% |
Frequently Asked Questions
How much do FMB and JMST overlap?
FMB and JMST overlap by 0.3% of portfolio weight. They share 5 holdings (FMB holds 1256 positions and JMST holds 1799), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMB and JMST?
The two portfolios are 0.3% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of FMB and JMST?
The largest positions held by both funds are Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A, State of Illinois, Series 2017C, Health and Educational Facilities Authority of the State of Missouri, Series 2021C, Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Series 2022F and Black Belt Energy Gas District, Gas Project No. 6, Series 2021B. Together the top 5 shared positions account for 100% of the total overlap.
What does FMB own that JMST doesn't?
1251 positions (98.4% of FMB) are unique to FMB, led by KY MEADEV 08/01/2061, GA MAIUTL 09/01/2052 and NY NYCGEN 4 11/01/2037. In the other direction, 1794 positions (71.7% of JMST) are unique to JMST.