Which returned more over the last year, FMB or LMUB?

In the year to Oct 9, 2026, with distributions reinvested, FMB returned −2.1% and LMUB −3.7%.

Which is cheaper, FMB or LMUB?

LMUB is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.

Share on X Download as PDF

Compare their flows Ask IQ about these two funds

FMB vs LMUB: Differences, Returns & Fees

FMB's duration was 6.8 years on Jul 31, 2026 and LMUB's 9.8 on May 31, 2026; LMUB charges 0.09% to FMB's 0.39%. Net assets on Oct 9, 2026: $1.9bn for First Trust Managed Municipal ETF and $1.6bn for iShares Long-Term National Muni Bond ETF.

LMUB costs 0.30 points a year less; their one-year returns differ by 1.6 points; FMB is 1.2 times larger.

	FMB	LMUB
Expense ratio	0.39%	0.09%
Net assets	$1.9bn	$1.6bn
Total return, 1 year	−2.1%	−3.7%
What it tracks	No index, actively managed	ICE Long AMT-Free US National Municipal Index
Holdings in common	1%
Below its high	5.8%, high on Jul 6, 2026	8.4%, high on Jul 2, 2026

Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026.

−2.1%

FMB total return, 1 year

−3.7%

LMUB total return, 1 year

0.39%

FMB expense ratio

0.09%

LMUB expense ratio

What they hold in common

By the books each fund has filed, FMB and LMUB hold 1% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Jul 31, 2026.

50%

half

1% in common

Positions both hold, largest shared weight first

Holding FMB LMUB

CT CTSHGR 5 07/01/2044, due Jul 1, 2044 0.21% 0.20%

TX TXSWTR 4.7 10/15/2041, due Oct 15, 2041 0.25% 0.20%

NY NYC 5 03/01/2042, due Mar 1, 2042 0.30% 0.16%

NJ NJSTRN 5.25 06/15/2050, due Jun 15, 2050 0.15% 0.41%

NJ NJSTRN 5.25 06/15/2041, due Jun 15, 2041 0.13% 0.31%

TX TXS 5 10/01/2043, due Oct 1, 2043 0.08% 0.20%

AZ SALAGR 5 01/01/2051, due Jan 1, 2051 0.08% 0.48%

FL MIAEDU 5 04/01/2043, due Apr 1, 2043 0.08% 0.07%

TX TXSTRN 5 08/15/2042, due Aug 15, 2042 0.17% 0.07%

FL MIAEDU 5 04/01/2045, due Apr 1, 2045 0.05% 0.30%

SC CLEHGR 5 05/01/2050, due May 1, 2050 0.19% 0.03%

WA WAS 5 02/01/2044, due Feb 1, 2044 0.13% 0.01%

Only in FMB

KY MEADEV 08/01/2061, due Aug 1, 2061 0.79%

GA MAIUTL 09/01/2052, due Sep 1, 2052 0.71%

AL BBEUTL 10/01/2052, due Oct 1, 2052 0.50%

NY NYCGEN 4 11/01/2037, due Nov 1, 2037 0.48%

AL ESDPWR 11/01/2053, due Nov 1, 2053 0.44%

TX TMGUTL 01/01/2054, due Jan 1, 2054 0.44%

TN TNSUTL 5 11/01/2034, due Nov 1, 2034 0.44%

GA ATLAPT 4 07/01/2037, due Jul 1, 2037 0.43%

Only in LMUB

Commonwealth of Massachusetts, Series 2023D, due Oct 1, 2052 0.85%

State of Washington, Series 2026D, due Jun 1, 2046 0.70%

State of Illinois, Series 2025-E11, due Sep 1, 2042 0.65%

State of Illinois, Series 2023C, due Dec 1, 2043 0.65%

Pennsylvania Turnpike Commission, Series 2026A, due Dec 1, 2056 0.64%

State of Texas, Series 2025, due Oct 1, 2039 0.63%

New York City Transitional Finance Authority Future Tax Secured, Series 2025E, due Nov 1, 2047 0.63%

Oklahoma Capitol Improvement Authority, Series 2025A, due Jul 1, 2050 0.63%

Check overlap with more funds →

On the same fields

FMB

First Trust Managed Municipal ETF

LMUB

iShares Long-Term National Muni Bond ETF

Where it sits Bond ETF Bond ETF

Issuer First Trust iShares

What it is Actively managed Tracks an index

Total return, 1 year −2.1% −3.7%

S&P 500 over the same days +17.3% +17.3%

Gap to the S&P 500 −19.4 pts −20.9 pts

Expense ratio 0.39% 0.09%

Holdings 1249 975

Net assets $1.9bn $1.6bn

FMB and LMUB on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

FMB in plain words

FMB is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −2.1% with distributions reinvested. The prospectus expense ratio is 0.39% a year. It sat 5.8% below its high of Jul 6, 2026 on Oct 9, 2026.

LMUB in plain words

LMUB tracks an index. Over the year to Oct 9, 2026 it returned −3.7% with distributions reinvested. The prospectus expense ratio is 0.09% a year. It sat 8.4% below its high of Jul 2, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FMB or LMUB?: In the year to Oct 9, 2026, with distributions reinvested, FMB returned −2.1% and LMUB −3.7%.
Which is cheaper, FMB or LMUB?: LMUB is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

FMB vs TAFM FMB vs JMUB FMB vs VTEB FMB vs VCRM LMUB vs TAFM LMUB vs SCMB LMUB vs PZA JMUB vs LMUB

FMB on its own →LMUB on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Where these figures came from

FMB filings on SEC EDGAR ↗FMB prospectus with the expense ratio (SEC) ↗First Trust page for FMB ↗LMUB filings on SEC EDGAR ↗LMUB prospectus with the expense ratio (SEC) ↗iShares page for LMUB ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FMB against LMUB, data as of Oct 9, 2026. https://etfiq.com/compare/any/fmb-vs-lmub

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.