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FMHI

GradeBNASDAQ Global Market

First Trust Municipal High Income ETF

Municipal Bond · First Trust · Inception 2017-11-01 · SEC filings

$45.65−0.55 (−1.20%)

As of Sep 23, 2026, 2:24 PM EDT

Intraday session: down, 55 prints from 46.20 to 45.65. Range 45.62 to 46.29. Use the arrow keys to read each point.$45.80$46.00$46.2010 AM12 PM2 PM4 PM
Expense ratio
0.49%
Fund size
$1.0B
1Y return
+1.2%
Yield · Last 12 months
4.51%
Holdings
762
Volume · 30D
0.1M sh
NAV per share
$46.23
52W range
low $46.01high $48.73

The ETF.net FMHI Grade

B

63/ 100

Rank 11 of 19 in High-Yield Municipal Bonds⁠

Confidence High

Six-pillar profile for FMHI. Scores out of 100: Cost 19, Risk 56, Mission 99, Tradability 82, Holdings 92, Durability 73. Strongest: Mission (99). Weakest: Cost (19). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 63 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 19
    Category rank15/19 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 99
    Category rank1/18 · top 6%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 56
    Category rank6/19 · top 32%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 82
    Category rank2/19 · top 11%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 92
    Category rank2/19 · top 11%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 73
    Category rank5/19 · top 26%

Graded as of Sep 22, 2026

Our read on FMHI

ETF.net Research

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.

Stated mandate

The Fund seeks federally tax-exempt income as its primary objective and long-term capital appreciation as its secondary objective.

Why people hold it

  1. 01Active by design. Managers chase federally tax-exempt income first, long-term capital appreciation second, instead of replicating a benchmark.ftportfolios.com
  2. 02Pays monthly, so tax-exempt income arrives on a steady cadence rather than in quarterly lumps.
  3. 03Spread wide: roughly 500 muni positions, so no single issuer carries the fund.
  4. 04Live 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

  1. 01Active 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%.
  2. 02A high-income muni mandate means reaching into weaker credit, which brings more default and price risk than a broad investment-grade tracker.
  3. 03Volume 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

As of Sep 21, 2026, 5:05 PM
Asset class
Bonds
Holdings
762
Top-10 weight
6%
Largest holding
NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/20410.9%
The fund’s holdings, weight-ordered — page 1 of 51.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/20410.86%8,700,000$9M5
002—LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH Variable rate, due 01/01/20290.80%8,100,000$8M2
003—PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH 5%, due 07/01/20470.56%5,750,000$6M5
004—CHICAGO IL O'HARE INTL ARPT REV 5.50%, due 01/01/20480.56%5,500,000$6M1
005—PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/20400.55%5,866,000$6M6
006—MOBILE CNTY AL INDL DEV AUTH 4.75%, due 12/01/20540.54%6,000,000$5M3
007—HAWAII ST ARPTS SYS REVENUE 5.50%, due 07/01/20540.50%5,000,000$5M1
008—MOBILE AL INDL DEV BRD POLL CONTROL Variable rate, due 06/01/20340.50%5,000,000$5M2
009—SAINT LOUIS CNTY MO INDL DEV AUTH 5%, due 09/01/20480.42%4,450,000$4M1
010—TENNESSEE ST ENERGY ACQUISITION CORP 5%, due 11/01/20340.41%4,000,000$4M7
011—SPRING VLY ID CMNTY INFRASTRUCTURE DIST 1 6.25%, due 09/01/20530.40%4,000,000$4M1
012—ARKANSAS DEV FIN AUTH ENVIRONMENTAL REV 5.45%, due 09/01/20520.40%4,000,000$4M2
013—EFFINGHAM CNTY GA INDL DEV AUTH Variable rate, due 02/01/20380.40%4,000,000$4M2
014—PUERTO RICO CMWLTH 4%, due 07/01/20410.39%4,358,267$4M3
015—COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/20500.38%3,750,000$4M2

Showing 1–15 of 762 holdings

FMHI Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FMHI$10,116
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FMHI $10,116. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for FMHI. Periods over one year show the average yearly return.
PeriodFMHI
Year to date−0.7%
1 month−2.5%
3 months−3.6%
1 year+1.2%
3 years+4.5%per year
5 years−0.1%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FMHI
YearReturn barFMHI
2026 YTD−0.7%
2025+3.5%
2024+5.4%
2023+7.2%
2022−14.7%
2021+7.6%
2020+4.1%

FMHI in the news

ETF.net Research hasn’t filed on FMHI yet — coverage lands here as it’s written.

FMHI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
4.51%Last 12 months
Payout per share
$2.08Last 12 months
Last payment
$0.18 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 44 payments from 2023 to 2026 YTD. Jan 24, 2023 $0.15; Feb 22, 2023 $0.15; Mar 24, 2023 $0.15; Apr 21, 2023 $0.15; May 23, 2023 $0.15; Jun 27, 2023 $0.15; Jul 21, 2023 $0.15; Aug 22, 2023 $0.16; Sep 22, 2023 $0.16; Oct 24, 2023 $0.16; Nov 21, 2023 $0.16; Dec 22, 2023 $0.16; Jan 23, 2024 $0.16; Feb 21, 2024 $0.16; Mar 21, 2024 $0.16; Apr 23, 2024 $0.16; May 21, 2024 $0.16; Jun 27, 2024 $0.16; Jul 23, 2024 $0.16; Aug 21, 2024 $0.16; Sep 26, 2024 $0.16; Oct 22, 2024 $0.16; Nov 21, 2024 $0.16; Dec 13, 2024 $0.16; Jan 22, 2025 $0.16; Feb 21, 2025 $0.16; Mar 27, 2025 $0.16; Apr 22, 2025 $0.16; May 21, 2025 $0.17; Jun 26, 2025 $0.17; Jul 22, 2025 $0.17; Aug 21, 2025 $0.17; Sep 25, 2025 $0.17; Oct 21, 2025 $0.17; Nov 21, 2025 $0.17; Dec 12, 2025 $0.17; Jan 21, 2026 $0.17; Feb 20, 2026 $0.18; Mar 26, 2026 $0.18; Apr 21, 2026 $0.18; May 21, 2026 $0.18; Jun 25, 2026 $0.18; Jul 21, 2026 $0.18; Aug 21, 2026 $0.18. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Aug 21, 2026Aug 31, 2026$0.18
Jul 21, 2026Jul 31, 2026$0.18
Jun 25, 2026Jun 30, 2026$0.18
May 21, 2026May 29, 2026$0.18
Apr 21, 2026Apr 30, 2026$0.18
Mar 26, 2026Mar 31, 2026$0.18
Feb 20, 2026Feb 27, 2026$0.18
Jan 21, 2026Jan 30, 2026$0.17
Dec 12, 2025Dec 31, 2025$0.17
Nov 21, 2025Nov 28, 2025$0.17
Oct 21, 2025Oct 31, 2025$0.17
Sep 25, 2025Sep 30, 2025$0.17

FMHI Risk

How much the fund’s monthly returns vary, scaled to a year.
5.7%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.06
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−18.8%
Trough Oct 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.97
vs its asset-class index
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

Expense ratio0.49%
  • The middle half of High-Yield Municipal Bonds funds
  • Median 0.40%

13 of the 19 High-Yield Municipal Bonds funds charge less.

FMHI costs $49.00 a year on $10,000. The median High-Yield Municipal Bonds fund costs $40.00.