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FMB vs VTEB: Differences, Returns & Fees

On Jul 31, 2026 FMB's duration was 6.8 years and VTEB's 7.1; VTEB charges 0.03% to FMB's 0.39%. Net assets: $1.9bn on Oct 9, 2026 for First Trust Managed Municipal ETF, and $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

VTEB costs 0.36 points a year less; their one-year returns differ by 0.2 points; VTEB is far larger, $48.5bn against $2.0bn.

FMBVTEB
Expense ratio0.39%0.03%
Net assets, as of Jul 31, 2026$2.0bn$48.5bn
Total return, 1 year−2.1%−2.3%
What it tracksNo index, actively managedS&P National AMT-Free Municipal Bond Index
Holdings in common1%
Below its high5.8%, high on Jul 6, 20265.6%, high on Jul 6, 2026

Holdings in common uses holdings dated Jul 31, 2026.

−2.1%
FMB total return, 1 year
−2.3%
VTEB total return, 1 year
0.39%
FMB expense ratio
0.03%
VTEB expense ratio

What they hold in common

By the books each fund has filed, FMB and VTEB 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 Jul 31, 2026.

half

1% in common

Positions both hold, largest shared weight first
Holding FMB VTEB
IL ILS 5 11/01/2029, due Nov 1, 2029 0.22% 0.08%
IL ILS 5.5 03/01/2047, due Mar 1, 2047 0.09% 0.04%
AZ SALAGR 5 01/01/2051, due Jan 1, 2051 0.08% 0.03%
NJ NJSTRN 5.25 06/15/2050, due Jun 15, 2050 0.15% 0.03%
TX HARGEN 5 11/15/2038, due Nov 15, 2038 0.10% 0.03%
TX TXS 5 10/01/2044, due Oct 1, 2044 0.16% 0.03%
TX TXS 5 10/01/2043, due Oct 1, 2043 0.08% 0.03%
MI GRTWTR 5 07/01/2043, due Jul 1, 2043 0.05% 0.03%
WA WAS 5 08/01/2041, due Aug 1, 2041 0.26% 0.03%
NJ NJSTRN 5.25 06/15/2041, due Jun 15, 2041 0.05% 0.02%
NY NYC 5 10/01/2043, due Oct 1, 2043 0.09% 0.02%
TX TXSTRN 5 08/15/2036, due Aug 15, 2036 0.11% 0.02%
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%
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%
NY NYSHGR 5 03/15/2038, due Mar 15, 2038 0.40%
Only in VTEB
NEW YORK CITY-F-1-REF, due Aug 1, 2034 0.12%
CA REGENTS UNIV-CD, due May 15, 2036 0.11%
IDAHO ST-TANS, due Jun 30, 2027 0.10%
CA REF, due Aug 1, 2032 0.10%
MARYLAND ST-GROUP 2, due Jun 1, 2038 0.09%
NY ST THRUWAY AUTH-A, due Sep 15, 2035 0.09%
TRIBOROUGH BRIDGE-A-1, due Feb 1, 2028 0.09%
DALLAS ISD-B, due Feb 15, 2056 0.08%

Check overlap with more funds →

On the same fields

FMB
First Trust Managed Municipal ETF
VTEB
Vanguard Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer First Trust Vanguard
What it is Actively managed Tracks an index of Tax-Exempt Bond
Total return, 1 year −2.1% −2.3%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −19.4 pts −19.5 pts
Expense ratio 0.39% 0.03%
Holdings 1249 10723
Net assets, FMB as of Oct 9, 2026 and VTEB as of Sep 30, 2026 $1.9bn $49.6bn

FMB and VTEB 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.

VTEB in plain words

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 9, 2026 it returned −2.3% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 5.6% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FMB or VTEB?
In the year to Oct 9, 2026, with distributions reinvested, FMB returned −2.1% and VTEB −2.3%.
Which is cheaper, FMB or VTEB?
VTEB is cheaper, by 0.36 percentage points a year. That is about $36 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FMB vs MUBFMB vs JMUBFMB vs PZAFMB vs SCMBLMUB vs VTEBTAFM vs VTEBSCMB vs VTEBPZA vs VTEB
FMB on its own →VTEB 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 ↗VTEB filings on SEC EDGAR ↗VTEB prospectus with the expense ratio (SEC) ↗Vanguard page for VTEB ↗

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

Open data

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