---
ticker: "FMHI"
name: "First Trust Municipal High Income ETF"
url: "https://etf.net/etf/FMHI"
grade: "B"
score: 63
graded_at: "2026-10-12"
category: "High-Yield Municipal Bonds"
category_rank: "9 of 19"
methodology: "https://etf.net/methodology"
---

# FMHI: First Trust Municipal High Income ETF

Grade **B**, Score 63 of 100. Rank 9 of 19 in High-Yield Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 22 | 13 of 19 |
| Mission | 100 | 1 of 18 |
| Risk | 40 | 14 of 19 |
| Tradability | 83 | 1 of 19 |
| Holdings | 95 | 2 of 19 |
| Durability | 73 | 5 of 19 |

## Top holdings

The fund holds 764 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041 | 0.89% |
| 2 | — | LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH Variable rate, due 01/01/2029 | 0.83% |
| 3 | — | PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/2040 | 0.56% |
| 4 | — | CHICAGO IL O'HARE INTL ARPT REV 5.50%, due 01/01/2051 | 0.55% |
| 5 | — | ATLANTA GA ARPT REVENUE 5.50%, due 07/01/2051 | 0.55% |
| 6 | — | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH 5%, due 07/01/2047 | 0.53% |
| 7 | — | PENNSYLVANIA ST ECON DEV FING AUTH 5.25%, due 06/30/2053 | 0.52% |
| 8 | — | MOBILE AL INDL DEV BRD POLL CONTROL Variable rate, due 06/01/2034 | 0.51% |
| 9 | — | MOBILE CNTY AL INDL DEV AUTH SOL WST DISP 5%, due 06/01/2054 | 0.45% |
| 10 | — | SAINT LOUIS CNTY MO INDL DEV AUTH 5%, due 09/01/2048 | 0.41% |
| 11 | — | EFFINGHAM CNTY GA INDL DEV AUTH Variable rate, due 02/01/2038 | 0.41% |
| 12 | — | SPRING VLY ID CMNTY INFRASTRUCTURE DIST 1 6.25%, due 09/01/2053 | 0.40% |
| 13 | — | ARKANSAS DEV FIN AUTH ENVIRONMENTAL REV 5.45%, due 09/01/2052 | 0.38% |
| 14 | — | MAIN STREET NATURAL GAS INC GA Variable rate, due 09/01/2053 | 0.38% |
| 15 | — | PUERTO RICO CMWLTH 4%, due 07/01/2041 | 0.38% |
| 16 | — | PUB FIN AUTH WI TAX INCREMENT REV 5%, due 06/01/2041 | 0.38% |
| 17 | — | COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/2050 | 0.38% |
| 18 | — | COLORADO INTERNATIONAL CENTER CO MET DIST 14 5.375%, due 12/01/2051 | 0.38% |
| 19 | — | MEADE CNTY KY INDL BLDG REVENUE Variable rate, due 08/01/2061 | 0.37% |
| 20 | — | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP Variable rate, due 07/01/2056 | 0.37% |
| 21 | — | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 5.25%, due 07/01/2050 | 0.36% |
| 22 | — | CHARLOTTE CNTY FL INDL DEV AUTH 4%, due 10/01/2051 | 0.36% |
| 23 | — | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH 5.50%, due 08/01/2050 | 0.35% |
| 24 | — | FIELDS ESTATES PUBLIC INFRASTRCTURE DIST UT 6.125%, due 03/01/2055 | 0.34% |
| 25 | — | RED BARN MET DIST CO 5.50%, due 12/01/2055 | 0.33% |
| 26 | — | NEW YORK ST TRANSPRTN DEV CORP 5.25%, due 08/01/2031 | 0.32% |
| 27 | — | MARICOPA CNTY INDL DEV AUTH 4%, due 10/15/2047 | 0.32% |
| 28 | — | TULSA OK MUNI ARPT TRUST TTEES 6.25%, due 12/01/2040 | 0.32% |
| 29 | — | AEROTROPOLIS REGL TRANPRTN AUTH CO 5.50%, due 12/01/2044 | 0.32% |
| 30 | — | MISSION TX ECON DEV CORP REVENUE Variable rate, due 08/01/2046 | 0.31% |

Source: etf.net, https://etf.net/etf/FMHI. Please cite the page URL.