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% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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