Launched Nov 1, 2017 · SEC filings

First Trust Municipal High Income ETF

FMHINasdaqFirst TrustB

$46.52−0.29 (−0.62%)

As of Nov 10, 2026, 11:15 AM ET

B57/ 100

Rank 12 of 19 in High-Yield Municipal Bonds

B57/100Rank 12 of 19inHigh-Yield Municipal Bonds

Expense ratio: 0.70%
Fund size: $1.12B
1Y total return: +1.8%
Yield · Last 12 months: 4.49%
Holdings: 787
Avg volume · 30D: 239K sh
52W range: low $44.34high $48.73
Launched: Nov 1, 2017
Filings: SEC EDGAR

The ETF.net FMHI Grade

Score 57 out of 100

Category: High-Yield Municipal Bonds⁠
Rank: 12 of 19

Cost
F0 out of 100
Rank 19 of 19
Mission
A100 out of 100
Rank 1 of 18
Risk
C47 out of 100
Rank 8 of 19
Tradability
A83 out of 100
Rank 1 of 19
Holdings
A93 out of 100
Rank 2 of 19
Durability
A73 out of 100
Rank 4 of 19

Our read on FMHI

ETF.net Research

In short

BActive muni high yield that leans in: at least half the portfolio in junk-rated or unrated bonds, hand-picked rather than indexed, with federally tax-exempt income paid monthly. Running since 2017, and priced above the category median for the credit work.

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

Does what the label says: at least 80% of net assets in bonds paying federally tax-exempt interest, spread across roughly 800 positions.ftportfolios.com
Genuinely active, not an index in disguise. Managers choose credits bond by bond, including beaten-up issues an index-rules screen would skip.sec.gov ftportfolios.com
A billion-dollar fund that pays monthly and trades at moderate volume, with a record going back to its 2017 launch rather than a recent debut.

Worth knowing

Costs more than the index heavyweights: above the category median, against 0.32% at HYD and 0.35% at HYMB. The stock-picking has to cover that gap.
At least half the book is below investment grade or unrated, and the prospectus permits bonds already in default, so downgrades bite harder than in a core muni fund.sec.gov
Clean execution of its mandate, but in a crowded high-yield muni field it lands in the lower half overall, mostly on price and credit risk.

FMHI Holdings

Holdings pillarA93Rank 2 of 19 in High-Yield Municipal Bonds

Asset class: Bonds
Holdings: 787
Top-10 weight: 6%
Largest holding: NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/20410.8%

Sectors

Municipal100.0%

Geography

United States97.64%
Puerto Rico2.02%

U.S. Virgin Islands0.27%
American Samoa0.07%

The fund’s holdings, weight-ordered — page 1 of 53.
#	Ticker	Company	Weight %	Shares	Market value	Held by ETFs
1	No data	NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041	0.79%	8,700,000	$8.7M	5
2	No data	LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH Variable rate, due 01/01/2029	0.74%	8,100,000	$8.1M	1
3	No data	CHICAGO IL O'HARE INTL ARPT REV 5.50%, due 01/01/2051	0.66%	7,065,000	$7.24M	5
4	No data	MOBILE CNTY AL INDL DEV AUTH SOL WST DISP 5%, due 06/01/2054	0.58%	7,000,000	$6.44M	5
5	No data	PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/2040	0.56%	6,341,000	$6.11M	6
6	No data	NEW HOPE CULTURAL EDU FACS FIN CORP TX Variable rate, due 08/01/2055	0.55%	6,100,000	$6.1M	4
7	No data	ATLANTA GA ARPT REVENUE 5.50%, due 07/01/2051	0.51%	5,415,000	$5.6M	1
8	No data	PUB FIN AUTH WI TAX INCREMENT REV 5%, due 06/01/2041	0.49%	5,410,000	$5.36M	2
9	No data	PENNSYLVANIA ST ECON DEV FING AUTH 5.25%, due 06/30/2053	0.49%	5,550,000	$5.36M	2
10	No data	DIST OF COLUMBIA WTR & SWR AUTH Variable rate, due 10/01/2060	0.45%	5,000,000	$5M	2
11	No data	MOBILE AL INDL DEV BRD POLL CONTROL Variable rate, due 06/01/2034	0.45%	5,000,000	$5M	2
12	No data	PENSACOLA FL ARPT REVENUE 5.50%, due 10/01/2050	0.45%	4,815,000	$4.93M	1
13	No data	ILLINOIS ST 5.50%, due 03/01/2047	0.44%	4,750,000	$4.85M	6
14	No data	PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH 4%, due 07/01/2047	0.43%	5,750,000	$4.78M	1
15	No data	BLACK BELT ENERGY GAS DIST AL 5%, due 10/01/2035	0.43%	4,575,000	$4.76M	8

Showing 1–15 of 787 holdings

FMHI Performance

Launched Nov 1, 2017

FMHI$10,184

$11,339

Nov 7, 2025 – Nov 9, 2026

Trailing total return for FMHI. Periods over one year show the average yearly return.
Period	FMHI
Year to date	+1.4%
1 month	+5.0%
3 months	−1.1%
1 year	+1.8%
3 years	per year+5.7%
5 years	per year+0.4%
10 yearsFund is under 10 years old	per yearNo data

With distributions reinvested.

Annual total returns for FMHI
Year	Return bar	FMHI
2026 YTD		+1.4%
2025		+3.5%
2024		+5.4%
2023		+7.2%
2022		−14.7%
2021		+7.6%
2020		+4.1%

FMHI in the news

Filtered to FMHI · High-Yield Municipal Bonds

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026GMIE−0.05%
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026VMHY+1.02%
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026VMHY+1.02%
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026MMHI−0.32%
ETF Filings
Morgan Stanley files seven Eaton Vance muni ETFs with the fee left blank
Sep 16, 2026XAGG−0.62%

FMHI Dividends

: 4.49%Last 12 months
Payout per share: $2.10Last 12 months

Last payment: $0.18 per share
Paid on: Oct 30, 2026
: Oct 21, 2026
Frequency: Monthly

Distribution history

2023–2026

Ex-date	Pay date	Amount per share
Oct 21, 2026	Oct 30, 2026	$0.18
Sep 24, 2026	Sep 30, 2026	$0.18
Aug 21, 2026	Aug 31, 2026	$0.18
Jul 21, 2026	Jul 31, 2026	$0.18
Jun 25, 2026	Jun 30, 2026	$0.18
May 21, 2026	May 29, 2026	$0.18
Apr 21, 2026	Apr 30, 2026	$0.18
Mar 26, 2026	Mar 31, 2026	$0.18
Feb 20, 2026	Feb 27, 2026	$0.18
Jan 21, 2026	Jan 30, 2026	$0.17
Dec 12, 2025	Dec 31, 2025	$0.17
Nov 21, 2025	Nov 28, 2025	$0.17

See all 108 payments⁠

$10,000 in FMHI 5 years ago paid $1,689 in dividends.⁠

FMHI Risk

Risk pillarC47Rank 8 of 19 in High-Yield Municipal Bonds

: 6.3%; Annualised · 36 months to Oct 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.
: 0.25; vs 3-month T-bills · to Oct 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.
: −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.
: 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.
FMP measures it over up to five years of monthly returns.

FMHI Cost

Compare FMHI and FMUB

Overpaying vs FMUB, cheapest in High-Yield Municipal Bonds

$7,457

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FMHI 0.70%
$13,606
FMUB 0.30% Cheapest
$6,149

Amount$10,000

Years30 years

Cost over time

FMHI 0.70%
FMUB 0.30%
Overpaying

Year by year

Year	FMHI	FMUB	Overpaying
10	$1,250	$545	$705
20	$4,760	$2,113	$2,647
30	$13,606	$6,149	$7,457

Other funds in High-Yield Municipal Bonds

BSHYMiShares Short Duration High Yield Muni Active ETFExpense ratio 0.40%1 year return +2.8%
BEVYMEaton Vance High Income Municipal ETFExpense ratio 0.40%1 year return +2.5%
BJMHIJPMorgan High Yield Municipal ETFExpense ratio 0.52%1 year return +1.0%
CHTAXNomura National High-Yield Municipal Bond ETFExpense ratio 0.49%1 year return +1.7%
CFCALFirst Trust California Municipal High Income ETFExpense ratio 0.65%1 year return +1.3%

See others

First Trust Municipal High Income ETF

Cost

Mission

Risk

Tradability

Holdings

Durability