Overview
Actively managed ultra-short bonds — around 714 short corporate and government instruments run for stability first, yield second.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| CORP | Short IG corporate bonds | ~48% |
| CP | Commercial paper | ~18% |
| FRN | Floating-rate notes | ~13% |
| CD | Certificates of deposit | ~9% |
| UST | Treasuries & agencies | ~7% |
| ABS | Asset-backed securities | ~4% |
| CASH | Cash & equivalents | ~1% |
Fund Details
Investment Thesis
FTSM is First Trust's answer in the cash-plus category: a conservative, broadly diversified short book that has held its NAV through every stress since 2014 while paying monthly. It competes on manager style rather than fee — pickier on credit than some rivals — though ICSH and PULS undercut it on cost, which is the honest caveat.
Who It's For
First Trust-ecosystem investors and advisors wanting a battle-tested cash alternative with active credit oversight. Compare fees against ICSH before defaulting here.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $56.60 | -- |
| 2017 | $56.83 | +0.4% |
| 2018 | $57.17 | +0.6% |
| 2019 | $58.08 | +1.6% |
| 2020 | $58.43 | +0.6% |
| 2021 | $58.32 | -0.2% |
| 2022 | $58.14 | -0.3% |
| 2023 | $59.19 | +1.8% |
| 2024 | $59.66 | +0.8% |
| 2025 | $59.90 | +0.4% |
| Year | Yield |
|---|---|
| 2016 | 0.90% |
| 2017 | 1.20% |
| 2018 | 2.10% |
| 2019 | 2.40% |
| 2020 | 1.10% |
| 2021 | 0.30% |
| 2022 | 1.90% |
| 2023 | 4.70% |
| 2024 | 4.80% |
| 2025 | 4.30% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $3B | -- |
| 2017 | $4B | +33.3% |
| 2018 | $6B | +50.0% |
| 2019 | $6.5B | +8.3% |
| 2020 | $5B | -23.1% |
| 2021 | $4.5B | -10.0% |
| 2022 | $5B | +11.1% |
| 2023 | $6B | +20.0% |
| 2024 | $6.5B | +8.3% |
| 2025 | $6.5B | +0.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of September 2026.
Related Bonds & Treasuries ETFs
Markets. Intelligence. Daily.
Full briefs on 350+ ETFs, curated daily ETF news, and a free weekly deep-dive newsletter — all on ETFHub.
Get the Free Weekly Brief Explore the ETF Portal Official Fund Page →