FMB vs JMUB: Holdings Overlap
FMBFirst Trust Managed Municipal ETF
First Trust · 1256 holdings · $2.0B · as of 2026-04-30
JPMorgan · 1884 holdings · $8.4B · as of 2026-05-31
Holdings snapshots are 31 days apart (FMB: 2026-04-30, JMUB: 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 JMUB?
First Trust Managed Municipal ETF (FMB, by First Trust) holds 1256 positions; JPMorgan Municipal ETF (JMUB, by JPMorgan) holds 1884. They have 77 holdings in common, and by portfolio weight the two funds are 3.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 77FMB holds 1256 · JMUB holds 1884
- Weight in Shared Holdings
- FMB 8%·JMUB 7%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
1179 of 1256 positions (91.0% of the fund) are not held by JMUB. Showing the top 30 by weight.
- KY MEADEV 08/01/20610.81%
- GA MAIUTL 09/01/20520.73%
- Black Belt Energy Gas District, Gas Project No. 6, Series 2021B0.50%
- NY NYCGEN 4 11/01/20370.50%
- New York State Dormitory Authority, Series 2018E0.41%
- AL SEEPWR 11/01/20510.41%
Only in JMUB
1807 of 1884 positions (77.0% of the fund) are not held by FMB. Showing the top 30 by weight.
- California Community Choice Financing Authority, Clean Energy Project, Series 2026B0.70%
- California Health Facilities Financing Authority, Rady Children's Health, Series 2026B-30.67%
- California Community Choice Financing Authority, Clean Energy Project, Series 2026C0.61%
- Long Island Power Authority, Electric System, Series 2024B0.43%
- Black Belt Energy Gas District, Gas Project, Series 2024D0.43%
- State of Wisconsin, Series 2026A0.42%
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% |
| JMUB | -0.7% | +1.0% | +4.8% | +3.8% | +1.0% | — | 3.65% |
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 JMUB →
Shared Holdings(77)
The top 10 shared positions account for 36% of the overlap, led by Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023B, Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2 and Black Belt Energy Gas District, Gas Project, Series 2026A.
| Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023B | 0.46% | 0.18% | 0.18% |
|---|---|---|---|
| Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2 | 0.17% | 0.51% | 0.17% |
| Black Belt Energy Gas District, Gas Project, Series 2026A | 0.16% | 0.77% | 0.16% |
| Main Street Natural Gas, Inc., Gas Supply, Series 2023B | 0.15% | 0.19% | 0.15% |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020 | 0.14% | 0.16% | 0.14% |
| State of Washington, Various Purpose, Series 2026C | 0.14% | 0.21% | 0.14% |
| Redevelopment Authority of the City of Philadelphia, Service Agreement, Series 2026B | 0.18% | 0.12% | 0.12% |
| California Community Choice Financing Authority, Clean Energy Project, Series 2021B-1 | 0.12% | 0.35% | 0.12% |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 0.12% | 0.17% | 0.12% |
| Black Belt Energy Gas District, Gas Supply, Series 2026B | 0.11% | 0.15% | 0.11% |
| California Community Choice Financing Authority, Clean Energy Project, Series 2025E | 0.11% | 0.49% | 0.11% |
| Main Street Natural Gas, Inc., Gas Supply, Series 2024D | 0.11% | 0.25% | 0.11% |
| Tennessee Energy Acquisition Corp., Gas Project, Series 2023A-1 | 0.10% | 0.20% | 0.10% |
| Main Street Natural Gas, Inc., Gas Supply, Series 2024A | 0.09% | 0.20% | 0.09% |
| Southeast Energy Authority A Cooperative District, Project No. 6, Series 2023B | 0.24% | 0.08% | 0.08% |
| Central Plains Energy Project, Series 2025A, Subseries A-1 | 0.08% | 0.14% | 0.08% |
| Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2025C | 0.08% | 0.13% | 0.08% |
| Massachusetts Development Finance Agency, Amherst College Issue, Series 2025A | 0.14% | 0.07% | 0.07% |
| Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2 | 0.07% | 0.55% | 0.07% |
| Energy Southeast A Cooperative District, Series 2023A-1 | 0.46% | 0.07% | 0.07% |
| Black Belt Energy Gas District, Gas Project, Series 2026I | 0.19% | 0.07% | 0.07% |
| California Community Choice Financing Authority, Clean Energy Project, Series 2024A | 0.11% | 0.07% | 0.07% |
| Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023A | 0.21% | 0.07% | 0.07% |
| North Texas Tollway Authority, First Tier, Series 2020A | 0.30% | 0.06% | 0.06% |
| Energy Southeast A Cooperative District, Series 2025A | 0.18% | 0.06% | 0.06% |
Frequently Asked Questions
How much do FMB and JMUB overlap?
FMB and JMUB overlap by 3.9% of portfolio weight. They share 77 holdings (FMB holds 1256 positions and JMUB holds 1884), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMB and JMUB?
The two portfolios are 3.9% 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 JMUB?
The largest positions held by both funds are Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply, Series 2023B, Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2, Black Belt Energy Gas District, Gas Project, Series 2026A, Main Street Natural Gas, Inc., Gas Supply, Series 2023B and New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020. Together the top 10 shared positions account for 36% of the total overlap.
What does FMB own that JMUB doesn't?
1179 positions (91.0% of FMB) are unique to FMB, led by KY MEADEV 08/01/2061, GA MAIUTL 09/01/2052 and Black Belt Energy Gas District, Gas Project No. 6, Series 2021B. In the other direction, 1807 positions (77.0% of JMUB) are unique to JMUB.