Launched Sep 27, 2016

First Trust Flexible Municipal High Income ETF

MFLXNasdaqFirst TrustC

$16.55−0.11 (−0.66%)

As of Nov 10, 2026, 10:54 AM ET

C42/ 100

Rank 17 of 19 in High-Yield Municipal Bonds

C42/100Rank 17 of 19inHigh-Yield Municipal Bonds

Expense ratio: 0.49%
Fund size: $20M
1Y total return: +1.8%
Yield · Last 12 months: 4.35%
Holdings: 77
Avg volume · 30D: 6.12K sh
52W range: low $15.57high $17.95
Launched: Sep 27, 2016

The ETF.net MFLX Grade

Score 42 out of 100

Category: High-Yield Municipal Bonds⁠
Rank: 17 of 19

Cost
D31 out of 100
Rank 13 of 19
Mission
A78 out of 100
Rank 16 of 18
Risk
C45 out of 100
Rank 9 of 19
Tradability
F8 out of 100
Rank 18 of 19
Holdings
D34 out of 100
Rank 16 of 19
Durability
C52 out of 100
Rank 10 of 19

Our read on MFLX

ETF.net Research

In short

CLaunched in 2016 as a basket of closed-end muni funds, MFLX was rebuilt in 2022 into a hands-on portfolio of roughly 80 high-yield munis, with closed-end-style leverage available through tender option bond trusts.

Stated mandate

The Fund seeks current income by investing at least 80% of its net assets in municipal debt securities whose interest is exempt from regular federal income taxes.

Why people hold it

Go-anywhere active mandate: any maturity, duration or credit quality, with a stated tilt toward longer, higher-yielding bonds rated below investment grade or unrated.sec.gov
The 80% federally tax-exempt policy is fundamental, meaning First Trust cannot change it without a shareholder vote.ftportfolios.com
A roughly 80-bond portfolio that pays monthly, concentrated enough that individual credit calls move the needle.
Can borrow through tender option bond trusts and hold the inverse floaters: closed-end-fund plumbing inside an ETF wrapper.sec.gov

Worth knowing

At 0.49%, it charges above the category median of 19 funds, and above index-based peers HYD (0.32%) and HYMB (0.35%).
Leverage plus a long-duration, lower-rated tilt cuts both ways: price swings can run sharper than a plain investment-grade muni fund's.sec.gov
It stays small and trades lightly, so spreads can be wider than in the category's heavyweights.

MFLX Holdings

Holdings pillarD34Rank 16 of 19 in High-Yield Municipal Bonds

Asset class: Bonds
Holdings: 77
Top-10 weight: 19%
Largest holding: COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/20502.6%

Sectors

Municipal100.0%

Geography

United States98.77%
Puerto Rico1.23%

The fund’s holdings, weight-ordered — page 1 of 6.
#	Ticker	Company	Weight %	Shares	Market value	Held by ETFs
1	No data	COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/2050	2.60%	500,000	$514K	2
2	No data	MOBILE AL INDL DEV BRD REVENUE Variable rate, due 09/01/2031	2.53%	500,000	$500K	2
3	No data	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP 5%, due 09/01/2047	2.51%	500,000	$497K	2
4	No data	JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/2042	2.36%	450,000	$467K	10
5	No data	MET GOVT NASHVILLE & DAVIDSON CNTY TN 6%, due 12/01/2051	1.66%	300,000	$329K	3
6	No data	OMAHA NE ARPT AUTH 5.50%, due 12/15/2051	1.57%	300,000	$310K	2
7	No data	MAINE ST FIN AUTH SOL WST DISP N/C, 5%, due 08/01/2035	1.56%	300,000	$308K	5
8	No data	DUTCHESS CNTY NY LOCAL DEV CORP N/C, 5%, due 10/01/2040	1.56%	297,543	$308K	3
9	No data	INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK 6%, due 03/01/2053	1.56%	300,000	$307K	4
10	No data	ERIE PA SWR AUTH 5%, due 12/01/2046	1.55%	300,000	$307K	1
11	No data	COLORADO ST HLTH FACS AUTH REV 5%, due 05/15/2045	1.55%	300,000	$306K	4
12	No data	MASSACHUSETTS ST DEV FIN AGY REV 5.25%, due 06/01/2060	1.53%	300,000	$302K	3
13	No data	HAMILTON CNTY OH HLTH CARE REV 5.25%, due 01/01/2045	1.52%	300,000	$301K	3
14	No data	MONROE CNTY GA DEV AUTH POLL CTRL REV Variable rate, due 04/01/2032	1.52%	300,000	$300K	2
15	No data	SKAGIT CNTY WA PUBLIC HOSP DIST 1 5.50%, due 12/01/2054	1.51%	300,000	$298K	3

Showing 1–15 of 77 holdings

MFLX Performance

Launched Sep 27, 2016

MFLX$10,175

$11,339

Nov 7, 2025 – Nov 9, 2026

Trailing total return for MFLX. Periods over one year show the average yearly return.
Period	MFLX
Year to date	+1.6%
1 month	+5.3%
3 months	−0.8%
1 year	+1.8%
3 years	per year+6.2%
5 years	per year−0.6%
10 years	per year+2.4%

With distributions reinvested.

Annual total returns for MFLX
Year	Return bar	MFLX
2026 YTD		+1.6%
2025		+4.0%
2024		+3.7%
2023		+9.0%
2022		−19.9%
2021		+8.4%
2020		+7.1%

MFLX in the news

Filtered to MFLX · 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%

MFLX Dividends

: 4.35%Last 12 months
Payout per share: $0.72Last 12 months

Last payment: $0.06 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	$0.06
Sep 24, 2026	Sep 30, 2026	$0.06
Aug 21, 2026	Aug 31, 2026	$0.06
Jul 21, 2026	Jul 31, 2026	$0.06
Jun 25, 2026	Jun 30, 2026	$0.06
May 21, 2026	May 29, 2026	$0.06
Apr 21, 2026	Apr 30, 2026	$0.06
Mar 26, 2026	Mar 31, 2026	$0.06
Feb 20, 2026	Feb 27, 2026	$0.06
Jan 21, 2026	Jan 30, 2026	$0.06
Dec 12, 2025	Dec 31, 2025	$0.06
Nov 21, 2025	Nov 28, 2025	$0.06

See all 121 payments⁠

$10,000 in MFLX 10 years ago paid $3,651 in dividends.⁠

MFLX Risk

Risk pillarC45Rank 9 of 19 in High-Yield Municipal Bonds

: 7.2%; 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.
: 0.21; 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.
: −25.1%; 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.
: 1.14; 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.

MFLX Cost

Compare MFLX and FMUB

Overpaying vs FMUB, cheapest in High-Yield Municipal Bonds

$3,643

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

MFLX 0.49%
$9,792
FMUB 0.30% Cheapest
$6,149

Amount$10,000

Years30 years

Cost over time

MFLX 0.49%
FMUB 0.30%
Overpaying

Year by year

Year	MFLX	FMUB	Overpaying
10	$883	$545	$338
20	$3,394	$2,113	$1,281
30	$9,792	$6,149	$3,643

Other funds in High-Yield Municipal Bonds

BFMHIFirst Trust Municipal High Income ETFExpense ratio 0.70%1 year return +1.8%
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%
DFMNYFirst Trust New York Municipal High Income ETFExpense ratio 0.65%1 year return +0.9%

See others

First Trust Flexible Municipal High Income ETF

Cost

Mission

Risk

Tradability

Holdings

Durability