MFLX

GradeDNASDAQ Global Market

First Trust Flexible Municipal High Income ETF

Municipal Bond · First Trust · Inception 2016-09-27

$16.16−0.12 (−0.73%)

As of Sep 23, 2026, 3:07 PM EDT

Expense ratio: 0.49%
Fund size: $21M
1Y return: −0.4%
Yield · Last 12 months: 4.39%
Holdings: 79
Volume · 30D: 0M sh
NAV per share: $16.45
52W range: low $15.79high $17.95

31/ 100

Rank 18 of 19 in High-Yield Municipal Bonds⁠

Confidence High

F< 25

D≥ 25

C≥ 40

B≥ 55

A≥ 70

Cost
FScore 0
Category rank19/19 · bottom quartile
Mission
AScore 72
Category rank16/18 · bottom quartile
Risk
DScore 34
Category rank18/19 · bottom quartile
Tradability
FScore 17
Category rank17/19 · bottom quartile
Holdings
DScore 30
Category rank16/19 · bottom quartile
Durability
CScore 53
Category rank11/19 · mid-pack

Graded as of Sep 22, 2026

Our read on MFLX

ETF.net Research

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.

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

01Tax-free by design: at least 80% of net assets sit in municipal debt whose interest is exempt from regular federal income taxes.
02Income lands monthly, so the tax-exempt cash flow arrives on a paycheck-like rhythm rather than quarterly lumps.
03Roughly 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.
04Live 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

01You 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.
02Small asset base and thin trading. Limit orders matter here, and spreads can be wider than the household-name muni index funds.
03The 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

As of Sep 21, 2026, 5:20 PM

Asset class: Bonds
Holdings: 79
Top-10 weight: 20%
Largest holding: COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/20502.5%

The fund’s holdings, weight-ordered — page 1 of 6.
#	Ticker	Company	Weight %	Shares	Market value	In ETFs
001	—	COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/2050	2.49%	500,000	$507K	2
002	—	MOBILE AL INDL DEV BRD REVENUE Variable rate, due 09/01/2031	2.46%	500,000	$500K	2
003	—	MONROE CNTY GA DEV AUTH POLL CTRL REV Variable rate, due 04/01/2032	2.46%	500,000	$500K	2
004	—	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP 5%, due 09/01/2047	2.37%	500,000	$482K	2
005	—	JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/2042	2.27%	450,000	$460K	10
006	—	NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041	1.72%	350,000	$350K	3
007	—	OMAHA NE ARPT AUTH 5.50%, due 12/15/2051	1.53%	300,000	$311K	2
008	—	CHARLESTON CNTY SC ARPT DIST 5.25%, due 07/01/2042	1.52%	300,000	$308K	2
009	—	MAINE ST FIN AUTH SOL WST DISP N/C, 5%, due 08/01/2035	1.50%	300,000	$304K	5
010	—	INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK 6%, due 03/01/2053	1.49%	300,000	$303K	3
011	—	SAN ANTONIO TX WTR REVENUE Variable rate, due 05/01/2054	1.48%	300,000	$300K	4
012	—	HAMILTON CNTY OH HLTH CARE REV 5.25%, due 01/01/2045	1.46%	300,000	$296K	3
013	—	MASSACHUSETTS ST DEV FIN AGY REV 5.25%, due 06/01/2060	1.45%	300,000	$295K	3
014	—	DUTCHESS CNTY NY LOCAL DEV CORP N/C, 5%, due 10/01/2040	1.45%	297,955	$294K	3
015	—	ERIE PA SWR AUTH 5%, due 12/01/2046	1.44%	300,000	$293K	1

Showing 1–15 of 79 holdings

MFLX Performance

MFLX$9,963

$11,723

Sep 22, 2025 – Sep 22, 2026

Trailing total return for MFLX. Periods over one year show the average yearly return.
Period	MFLX
Year to date	−1.5%
1 month	−3.2%
3 months	−5.2%
1 year	−0.4%
3 years	+4.9%per year
5 years	−1.6%per year
10 yearsFund is under 10 years old	—per year

As of the Sep 22, 2026 close, with distributions reinvested.

Annual total returns for MFLX
Year	Return bar	MFLX
2026 YTD		−1.5%
2025		+4.0%
2024		+3.7%
2023		+9.0%
2022		−19.9%
2021		+8.4%
2020		+7.1%

MFLX in the news

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

MFLX Dividends

: 4.39%Last 12 months
Payout per share: $0.72Last 12 months

Last payment: $0.06 per share
Paid on: Aug 31, 2026
: Aug 21, 2026
Frequency: Monthly

Distribution history

2023–2026

Ex-date	Pay date	Amount per share
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
Oct 21, 2025	Oct 31, 2025	$0.06
Sep 25, 2025	Sep 30, 2025	$0.06

MFLX Risk

: 6.2%; 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.
: 0.23; 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.
: −25.3%; 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.
: 1.13; 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.

MFLX Cost

Expense ratio0.49%

MFLX0.49%

Cheapest0.30%Priciest0.55%

The middle half of High-Yield Municipal Bonds funds
Median 0.40%

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

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

MFLX

The ETF.net MFLX Grade

Cost

Mission

Risk

Tradability

Holdings

Durability

Why people hold it

Worth knowing

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

Trailing returnsReturns 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.

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

Distribution history