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FMB vs TFI: Differences, Returns & Fees

FMB's duration was 6.8 years on Jul 31, 2026 and TFI's 6.0 on Jun 30, 2026; TFI charges 0.23% to FMB's 0.39%. Net assets: $1.9bn on Oct 9, 2026 for First Trust Managed Municipal ETF, and $2.8bn on Oct 8, 2026 for State Street SPDR Nuveen ICE Municipal Bond ETF.

TFI costs 0.16 points a year less; their one-year returns differ by 0.6 points; TFI is 1.5 times larger.

FMBTFI
Expense ratio0.39%0.23%
Net assets, as of Oct 8, 2026$1.9bn$2.8bn
Total return, 1 year−2.1%−2.7%
What it tracksNo index, actively managedICE 1+ Year AMT-Free Broad Municipal Index ?
Holdings in common3%
Below its high5.8%, high on Jul 6, 20266.2%, high on Jul 19, 2021

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.

−2.1%
FMB total return, 1 year
−2.7%
TFI total return, 1 year
0.39%
FMB expense ratio
0.23%
TFI expense ratio

What they hold in common

By the books each fund has filed, FMB and TFI hold 3% 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 Jun 30, 2026 and Jul 31, 2026.

half

3% in common

Positions both hold, largest shared weight first
Holding FMB TFI
AL SEEPWR 11/01/2051, due Nov 1, 2051 0.40% 0.12%
CA CCEDEV 05/01/2054, due May 1, 2054 0.10% 0.17%
CA CCEDEV 02/01/2052, due Feb 1, 2052 0.12% 0.10%
CA CCEDEV 05/01/2053, due May 1, 2053 0.10% 0.15%
CO CHRSCD 5.25 12/15/2043, due Dec 15, 2043 0.11% 0.09%
IL ILS 5.5 03/01/2047, due Mar 1, 2047 0.09% 0.10%
GA MAIUTL 05/01/2054, due May 1, 2054 0.09% 0.10%
WA WASHSG 3.5 12/20/2035, due Dec 20, 2035 0.10% 0.08%
GA MAIUTL 06/01/2055, due Jun 1, 2055 0.13% 0.08%
NM NMSPWR 06/01/2054, due Jun 1, 2054 0.15% 0.08%
GA MAIUTL 09/01/2052, due Sep 1, 2052 0.71% 0.07%
AL BBEUTL 02/01/2053, due Feb 1, 2053 0.27% 0.07%
Only in FMB
KY MEADEV 08/01/2061, due Aug 1, 2061 0.79%
AL BBEUTL 10/01/2052, due Oct 1, 2052 0.50%
NY NYCGEN 4 11/01/2037, due Nov 1, 2037 0.48%
TX TMGUTL 01/01/2054, due Jan 1, 2054 0.44%
GA ATLAPT 4 07/01/2037, due Jul 1, 2037 0.43%
NY NYSHGR 5 03/15/2038, due Mar 15, 2038 0.40%
PR PRCGEN 4.5 07/01/2034, due Jul 1, 2034 0.40%
CO COSMED 4 01/01/2040, due Jan 1, 2040 0.38%
Only in TFI
CALIFORNIA ST, due Nov 1, 2027 0.23%
NEW YORK NY, due Aug 1, 2031 0.22%
NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE, due Jun 15, 2047 0.20%
UNIV OF CALIFORNIA CA REVENUES, due May 15, 2040 0.20%
WASHINGTON ST, due Feb 1, 2028 0.20%
TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX, due Nov 15, 2028 0.20%
MADISON WI, due Oct 1, 2032 0.20%
GEORGIA ST, due Jul 1, 2030 0.19%

Check overlap with more funds →

On the same fields

FMB
First Trust Managed Municipal ETF
TFI
State Street SPDR Nuveen ICE Municipal Bond ETF
Where it sits Bond ETF Bond ETF
Issuer First Trust State Street
What it is Actively managed Tracks an index
Total return, 1 year −2.1% −2.7%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −19.4 pts −19.9 pts
Expense ratio 0.39% 0.23%
Holdings 1249 1990
Net assets, FMB as of Oct 9, 2026 and TFI as of Oct 8, 2026 $1.9bn $2.8bn

FMB and TFI 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.

TFI in plain words

TFI tracks an index. Over the year to Oct 9, 2026 it returned −2.7% with distributions reinvested. The prospectus expense ratio is 0.23% a year. It sat 6.2% below its high of Jul 19, 2021 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FMB or TFI?
In the year to Oct 9, 2026, with distributions reinvested, FMB returned −2.1% and TFI −2.7%.
Which is cheaper, FMB or TFI?
TFI is cheaper, by 0.16 percentage points a year. That is about $16 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FMB vs TAFMFLMI vs FMBFMB vs VCRMFMB vs SCMBJMUB vs TFITFI vs VTEBTFI vs VCRMLMUB vs TFI
FMB on its own →TFI 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 ↗TFI filings on SEC EDGAR ↗TFI prospectus with the expense ratio (SEC) ↗State Street website ↗

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 TFI, data as of Oct 9, 2026. https://etfiq.com/compare/any/fmb-vs-tfi

Open data

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