First Trust Flexible Municipal High Income ETF
$15.98+0.10 (+0.63%)
- 0.49%
- $20M
- −2.7%
- 4.53%
- 0M sh
- $15.93
- low $15.57high $17.95
The ETF.net MFLX Grade
D
Score 40 out of 100
- 17 of 19
Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays D for now. A new letter must hold for 3 published runs before it replaces it.
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.A77 out of 100Rank 16 of 18Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C45 out of 100Rank 13 of 19Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F10 out of 100Rank 19 of 19Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D34 out of 100Rank 16 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B55 out of 100Rank 10 of 19
Our read on MFLX
DThe boutique corner of the muni aisle: roughly 70 bonds instead of a thousand-line index, monthly payouts, and a mandate to keep at least 80% of net assets in interest exempt from regular federal income taxes.
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
- Tax-free by design: at least 80% of net assets sit in municipal debt whose interest is exempt from regular federal income taxes.
- Income lands monthly, so the tax-exempt cash flow arrives on a paycheck-like rhythm rather than quarterly lumps.
- Roughly 70 bonds, not a sprawling index sleeve. This is the hand-picked, flexible end of munis, where individual credit calls actually show up in the portfolio.
- Live since 2016 under First Trust, giving it a track record across a full rate cycle rather than a fresh-off-the-line launch.
Worth knowing
- You pay up for the hands-on approach: 0.75% a year versus a 0.30% muni-fund median, while index anchors like VTEB and MUB charge a few basis points.
- Small asset base and thin trading. Limit orders matter here, and spreads can be wider than the household-name muni index funds.
- The exemption covers regular federal income tax only. State treatment and the income-first, concentrated tilt make this a different animal from a broad muni index.
MFLX Holdings
- Bonds
- 80
- 20%
- MOBILE AL INDL DEV BRD REVENUE Variable rate, due 09/01/2031
MFLX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
MFLX$9,732
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 | MFLX |
|---|---|
| Year to date | −3.5% |
| 1 month | −2.5% |
| 3 months | −7.2% |
| 1 year | −2.7% |
| 3 years | +4.3% |
| 5 years | −1.3% |
| 10 years | +1.6% |
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 | MFLX |
|---|---|---|
| 2026 YTD | −3.5% | |
| 2025 | +4.0% | |
| 2024 | +3.7% | |
| 2023 | +9.0% | |
| 2022 | −19.9% | |
| 2021 | +8.4% | |
| 2020 | +7.1% |
MFLX in the news
MFLX Dividends
- 4.53%
- $0.72
- $0.06 per share
- Monthly
Distribution history
MFLX Risk
- 6.9%
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.
- 0.0007
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%
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.
- 1.24
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MFLX Cost
0.49%
MFLX0.49%
- 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
- BFCALFirst Trust California Municipal High Income ETFExpense ratio 0.49%1 year return −2.3%
- CHTAXNomura National High-Yield Municipal Bond ETFExpense ratio 0.49%1 year return −2.2%
- CJMHIJPMorgan High Yield Municipal ETFExpense ratio 0.52%1 year return −2.8%
- DFMNYFirst Trust New York Municipal High Income ETFExpense ratio 0.49%1 year return −3.3%
- FAMHIAmerican Beacon Aberdeen Municipal High Income ETFExpense ratio 0.55%1 year return —