Short Interest in First Trust Ultra Short Duration Municipal ETF (NYSEARCA:FUMB) Expands By 137.7%

First Trust Ultra Short Duration Municipal ETF (NYSEARCA:FUMB) was the target of a large growth in short interest during the month of May. As of May 15th, there was short interest totaling 25,477 shares, a growth of 137.7% from the April 30th total of 10,716 shares. Based on an average daily trading volume, of 84,385 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.2% of the shares of the company are sold short.

First Trust Ultra Short Duration Municipal ETF Stock Performance

NYSEARCA:FUMB traded up $0.02 during midday trading on Friday, reaching $20.05. The stock had a trading volume of 514,276 shares, compared to its average volume of 95,526. First Trust Ultra Short Duration Municipal ETF has a 1-year low of $20.01 and a 1-year high of $20.72. The firm’s fifty day simple moving average is $20.06 and its 200-day simple moving average is $20.08.

Institutional Trading of First Trust Ultra Short Duration Municipal ETF

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norris Financial Group LLC acquired a new stake in First Trust Ultra Short Duration Municipal ETF in the 1st quarter worth $545,000. IMG Wealth Management Inc. grew its position in First Trust Ultra Short Duration Municipal ETF by 96.4% in the 1st quarter. IMG Wealth Management Inc. now owns 2,712 shares of the company’s stock worth $54,000 after purchasing an additional 1,331 shares during the last quarter. Gateway Wealth Partners LLC grew its position in First Trust Ultra Short Duration Municipal ETF by 107.1% in the 1st quarter. Gateway Wealth Partners LLC now owns 260,066 shares of the company’s stock worth $5,214,000 after purchasing an additional 134,492 shares during the last quarter. Cetera Investment Advisers grew its position in First Trust Ultra Short Duration Municipal ETF by 1.6% in the 1st quarter. Cetera Investment Advisers now owns 91,931 shares of the company’s stock worth $1,843,000 after purchasing an additional 1,491 shares during the last quarter. Finally, NewEdge Wealth LLC grew its position in First Trust Ultra Short Duration Municipal ETF by 61.5% in the 1st quarter. NewEdge Wealth LLC now owns 16,639 shares of the company’s stock worth $334,000 after purchasing an additional 6,338 shares during the last quarter.

About First Trust Ultra Short Duration Municipal ETF

The First Trust Ultra Short Duration Municipal ETF (FUMB) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund of US municipal debt with a targeted portfolio duration of less than one year. The fund seeks tax-exempt income and capital preservation. FUMB was launched on Nov 1, 2018 and is managed by First Trust.