The original FGM-172A was an overfly top attack (OTA) type and used a downward-facing dual laser and magnetic sensor to detect a target and trigger detonation of the warhead.

Once a target is detected, the FGM-172A would fire an explosively formed penetrator downward, into what was intended to be the thinner armor of a tank turret roof.

The FGM-172B altered the flight control systems for a direct intercept rather than an overfly course, and featured a dual-mode impact fuze with an automatic time delay if the missile struck a soft target.

The Short-Range Assault Weapon (SRAW) program was begun by the U.S. Marine Corps in 1987 as a replacement for existing unguided M72 LAW and AT4 anti-armor rockets.

The system successfully completed first article and lot 1 testing at the Naval Air Warfare Center, China Lake, California in December 2003.

In June 2004, Lockheed Martin received a contract to refit all 700 remaining SRAW rounds to the FGM-172B SRAW-MPV (Multi-Purpose Variant) configuration with a new multi-purpose blast-fragmentation warhead, converting the system from an anti-armor to a direct-fire urban assault weapon effective against buildings and bunkers, which better fulfilled the needs of the Marines in response to requirements identified during Operation Iraqi Freedom; delivery of the first 400 rounds was completed in May 2005.