First Trust Ultra Short Duration Municipal ETF (FUMB) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
First Trust Ultra Short Duration Municipal ETF (FUMB) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $242.7M, listed on AMEX, employing roughly 1,514 people, carrying a beta of 0.07 to the broader market. First Trust Exchange-Traded Fund III - First Trust Ultra Short Duration Municipal ETF is an exchange traded fund launched and managed by First Trust Advisors L. Led by Van A. Dukeman, public since 2018-11-07.
Snapshot as of Aug 28, 2026.
- Spot Price
- $20.06
- ATM IV
- 55.6%
- HV 20-Day
- 1.2%
- HV 60-Day
- 1.2%
- IV Rank
- 49.7%
- IV Percentile
- 91.7%
As of Aug 28, 2026, First Trust Ultra Short Duration Municipal ETF (FUMB) ATM implied volatility is 55.6%. 20-day realized volatility is 1.2%, producing an IV-HV spread of +54.4 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 49.7%.
How FUMB iv/hv history Data Feeds Strategy Selection
Strategy selection on First Trust Ultra Short Duration Municipal ETF options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 55.6% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
How to read the FUMB IV vs HV chart
The dual-line chart above tracks ATM implied volatility (forward-looking, what the chain is pricing) against 20-day realized historical volatility (backward-looking, what actually happened). ATM IV currently prints at 55.6%, 49.7% IV rank, against 1.2% realized over the trailing 20 trading days. Implied is pricing above realized by 54.4 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. Persistent IV-above-HV is the variance-risk-premium-positive state typical of equity markets; persistent IV-below-HV is rare and usually marks underpriced vol that often expands.
FUMB IV/HV regimes and trade selection
FUMB IV rank at 49.7% sits mid-range - no structural edge from rank alone. Strategy choice should follow event calendar and the dealer-positioning read.
Using FUMB vol history alongside the term structure
The IV/HV gap on this page captures the level of premium; the term-structure slope on the volatility page captures its shape across expirations. Backwardation (negative slope -0.128) indicates acute near-term event risk - near-dated tenors price disproportionate vol. Pair the rank read with the slope read with the event calendar to choose the right tenor for the structure.
FUMB IV/HV signal in volatility-cycle context
Equity-vol cycles tend to compress and expand on multi-month timeframes: a typical sequence runs low-IV-rank consolidation (months of flat tape, decaying premium) into a vol-expansion catalyst (earnings miss, macro shock, regime change) into elevated-IV-rank stress (premiums fat, dispersion high) back to mean-reverting compression. FUMB's 49.7% IV rank places the ticker in the mid-range of its 1-year window - no strong cycle-position signal. The ratio of HV-20 (1.2%) to HV-60 (1.2%) gives a second cycle indicator: when 20-day exceeds 60-day, recent realization is running hotter than the trailing-quarter average - typically a sign that recent days have already started expanding vol regardless of where IV rank prints. Use the time series above to spot inflection points: meaningful IV/HV gap closures and openings tend to precede regime shifts by a few sessions.
Learn how implied vs realized volatility is reported and how to read the data →
Daily ATM implied volatility and 20-day realized (historical) volatility for FUMB over the last ~39 trading days. The IV-HV gap measures the variance risk premium - when IV trades persistently above realized HV, premium-sellers earn the spread; when IV dips below HV, vol is structurally underpriced.
Most recent 15 trading days (descending). Older history appears in the chart above.
| Date | ATM IV | HV 20d | HV 60d | IV Rank |
|---|---|---|---|---|
| Aug 28, 2026 | 55.6% | 1.2% | 1.2% | 49.7% |
| Aug 27, 2026 | 54.6% | 1.1% | 1.2% | 48.6% |
| Aug 26, 2026 | 53.1% | 1.2% | 1.2% | 47.0% |
| Aug 25, 2026 | 52.1% | 1.2% | 1.2% | 45.9% |
| Aug 24, 2026 | 51.1% | 1.3% | 1.2% | 44.9% |
| Aug 21, 2026 | 50.1% | 1.3% | 1.3% | 43.8% |
| Aug 20, 2026 | 49.5% | 1.2% | 1.3% | 43.1% |
| Aug 19, 2026 | 48.8% | 1.2% | 1.3% | 42.4% |
| Aug 18, 2026 | 48.4% | 1.5% | 1.3% | 42.0% |
| Aug 17, 2026 | 46.6% | 1.5% | 1.3% | 40.0% |
| Aug 14, 2026 | 45.4% | 1.5% | 1.3% | 38.7% |
| Aug 13, 2026 | 45.4% | 1.5% | 1.3% | 38.7% |
| Aug 12, 2026 | 44.4% | 1.5% | 1.3% | 37.6% |
| Aug 11, 2026 | 68.8% | 1.5% | 1.3% | 64.0% |
| Aug 10, 2026 | 52.5% | 1.5% | 1.3% | 46.4% |
Frequently asked FUMB iv/hv history questions
- Is FUMB options pricing rich or cheap right now?
- As of Aug 28, 2026, First Trust Ultra Short Duration Municipal ETF (FUMB) ATM IV is 55.6% against 20-day realized volatility of 1.2%. IV rank is 49.7%. FUMB options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 54.4 vol points.
- What is the FUMB variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. FUMB is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does FUMB IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. FUMB's current rank of 49.7% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.