First Trust Municipal High Income ETF
$45.04+0.32 (+0.72%)
- 0.49%
- $1.0B
- −2.3%
- 4.68%
- 0.2M sh
- $44.73
- low $44.34high $48.73
The ETF.net FMHI Grade
B
Score 63 out of 100
- 9 of 19
Score 63 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F22 out of 100Rank 13 of 19Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 18Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 14 of 19Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A83 out of 100Rank 1 of 19Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A95 out of 100Rank 2 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A73 out of 100Rank 5 of 19
Our read on FMHI
BMost muni ETFs are cheap index trackers holding the same investment-grade paper. FMHI is the other kind: an actively run First Trust portfolio built around a high-income muni mandate, paying federally tax-exempt income monthly.
The Fund seeks federally tax-exempt income as its primary objective and long-term capital appreciation as its secondary objective.
Why people hold it
- Active by design. Managers chase federally tax-exempt income first, long-term capital appreciation second, instead of replicating a benchmark.ftportfolios.com
- Pays monthly, so tax-exempt income arrives on a steady cadence rather than in quarterly lumps.
- Spread wide: roughly 500 muni positions, so no single issuer carries the fund.
- Live since 2017 with a portfolio that lines up closely with its stated mandate, and it sits in the upper half of a crowded muni peer group.
Worth knowing
- Active costs more. The 0.49% expense ratio runs above the muni cohort median of 0.30%, and index giants like VTEB and MUB charge 0.03% and 0.05%.
- A high-income muni mandate means reaching into weaker credit, which brings more default and price risk than a broad investment-grade tracker.
- Volume is moderate rather than heavy, so spreads can be wider than the category's largest funds. The income is federally tax-exempt, not state tax-exempt.
FMHI Holdings
- Bonds
- 764
- 6%
- NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041
FMHI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
FMHI$9,773
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FMHI |
|---|---|
| Year to date | −3.5% |
| 1 month | −3.1% |
| 3 months | −6.5% |
| 1 year | −2.3% |
| 3 years | +4.0% |
| 5 years | −0.5% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FMHI |
|---|---|---|
| 2026 YTD | −3.5% | |
| 2025 | +3.5% | |
| 2024 | +5.4% | |
| 2023 | +7.2% | |
| 2022 | −14.7% | |
| 2021 | +7.6% | |
| 2020 | +4.1% |
FMHI in the news
FMHI Dividends
- 4.68%
- $2.09
- $0.18 per share
- Monthly
Distribution history
FMHI Risk
- 6.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.05
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −18.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.97
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMHI Cost
0.49%
FMHI0.49%
- The middle half of High-Yield Municipal Bonds funds
- Median 0.40%
12 of the 19 High-Yield Municipal Bonds funds charge less.
Other funds in High-Yield Municipal Bonds
- BTHYMT. Rowe Price High Income Municipal ETFExpense ratio 0.32%1 year return —
- BFTMHFranklin Municipal High Yield ETFExpense ratio 0.35%1 year return —
- BNHYMNuveen High Yield Municipal IncomeExpense ratio 0.35%1 year return −2.8%
- BIROCInvesco Rochester High Yield Municipal ETFExpense ratio 0.40%1 year return −0.9%
- BSHYMiShares Short Duration High Yield Muni Active ETFExpense ratio 0.42%1 year return +1.0%