---
ticker: "MFLX"
name: "First Trust Flexible Municipal High Income ETF"
url: "https://etf.net/etf/MFLX"
grade: "D"
score: 40
graded_at: "2026-10-12"
category: "High-Yield Municipal Bonds"
category_rank: "17 of 19"
methodology: "https://etf.net/methodology"
---

# MFLX: First Trust Flexible Municipal High Income ETF

Grade **D**, Score 40 of 100. Rank 17 of 19 in High-Yield Municipal Bonds.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 22 | 13 of 19 |
| Mission | 77 | 16 of 18 |
| Risk | 45 | 13 of 19 |
| Tradability | 10 | 19 of 19 |
| Holdings | 34 | 16 of 19 |
| Durability | 55 | 10 of 19 |

## Top holdings

The fund holds 80 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | MOBILE AL INDL DEV BRD REVENUE Variable rate, due 09/01/2031 | 2.57% |
| 2 | — | MONROE CNTY GA DEV AUTH POLL CTRL REV Variable rate, due 04/01/2032 | 2.57% |
| 3 | — | COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/2050 | 2.52% |
| 4 | — | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP 5%, due 09/01/2047 | 2.38% |
| 5 | — | JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/2042 | 2.31% |
| 6 | — | NEW YORK CITY NY MUNI WTR FIN AUTH Variable rate, due 06/15/2041 | 1.80% |
| 7 | — | MET GOVT NASHVILLE & DAVIDSON CNTY TN 6%, due 12/01/2051 | 1.62% |
| 8 | — | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK 6%, due 03/01/2053 | 1.55% |
| 9 | — | SAN ANTONIO TX WTR REVENUE Variable rate, due 05/01/2054 | 1.54% |
| 10 | — | CHARLESTON CNTY SC ARPT DIST 5.25%, due 07/01/2042 | 1.54% |
| 11 | — | MAINE ST FIN AUTH SOL WST DISP N/C, 5%, due 08/01/2035 | 1.53% |
| 12 | — | COLORADO ST HLTH FACS AUTH REV 5%, due 05/15/2045 | 1.52% |
| 13 | — | OMAHA NE ARPT AUTH 5.50%, due 12/15/2051 | 1.50% |
| 14 | — | ERIE PA SWR AUTH 5%, due 12/01/2046 | 1.49% |
| 15 | — | DUTCHESS CNTY NY LOCAL DEV CORP N/C, 5%, due 10/01/2040 | 1.47% |
| 16 | — | HAMILTON CNTY OH HLTH CARE REV 5.25%, due 01/01/2045 | 1.46% |
| 17 | — | VERMONT ST ECON DEV AUTH MTGE REV 4%, due 05/01/2037 | 1.46% |
| 18 | — | MASSACHUSETTS ST DEV FIN AGY REV 5.25%, due 06/01/2060 | 1.46% |
| 19 | — | UTAH CITY WEST PUBLIC INFRASTR DIST 1 UT 5.875%, due 12/01/2055 | 1.45% |
| 20 | — | SKAGIT CNTY WA PUBLIC HOSP DIST 1 5.50%, due 12/01/2054 | 1.45% |
| 21 | — | CALIFORNIA ST MUNI FIN AUTH REV 6%, due 01/01/2055 | 1.44% |
| 22 | — | NEW HAMPSHIRE ST BUSINESS FIN AUTH 5.375%, due 04/01/2049 | 1.39% |
| 23 | — | IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REV Variable rate, due 12/01/2050 | 1.37% |
| 24 | — | CAPITAL PROJS FIN AUTH FL EDUCTNL FACS 6.50%, due 06/15/2054 | 1.35% |
| 25 | — | POLK CNTY FL UTILITY SYS REVENUE 5.50%, due 10/01/2046 | 1.33% |
| 26 | — | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP IV Variable rate, due 01/01/2054 | 1.33% |
| 27 | — | HOUSTON TX ARPT SYS REVENUE 5.50%, due 07/01/2045 | 1.30% |
| 28 | — | BLACK CREEK FL CDD SPL ASSMNT 5.125%, due 06/15/2032 | 1.29% |
| 29 | — | NEW YORK ST DORM AUTH ST PERSONAL INC TAX 5.25%, due 03/15/2047 | 1.29% |
| 30 | — | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 6.25%, due 01/01/2051 | 1.29% |

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