HYD vs MFLX: Grades, Fees and Holdings Compared

VanEck High Yield Muni ETF

HYDACboe

First Trust Flexible Municipal High Income ETF

MFLXCNasdaq

Overlap

0.0%by weight

Expense ratio

HYD −0.17pt a year

HYD0.32%MFLX0.49%

Avg volume · 30D

HYD 252.9×the volume

HYD1.55MMFLX6.12K

10Y return · a year

MFLX +0.5pt

HYD+1.9%MFLX+2.4%

HYD vs MFLX Performance

Nov 9, 2021 – Nov 9, 2026

−2.5%HYD−3.2%MFLX

Expense ratio: HYD 0.32%, better; MFLX 0.49%
Fund size: HYD $4.65B; MFLX $20M
1Y total return: HYD +1.7%; MFLX +1.8%, better
Yield (12M): HYD 4.45%, better; MFLX 4.35%
Holdings: HYD 2184; MFLX 77
Avg volume (30D): HYD 1.55M sh, better; MFLX 6.12K sh
NAV per share: HYD $49.64; MFLX $16.69
52W range

ETF.net Grade

Pillar letters and Scores for HYD, MFLX, with each pillar’s weight
Pillar	HYD	MFLX
Cost30% weight	A89Higher	D31
Mission25% weight	A92Higher	A78
Risk15% weight	C54Higher	C45
Tradability15% weight	B61Higher	F8
Holdings10% weight	A82Higher	D34
Durability5% weight	A81Higher	C52

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HYD and MFLX are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

HYD ranks 2nd and MFLX 17th of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 81
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 73
Rank 16CFCALFirst Trust California Municipal High Income ETFScore 49
Rank 17CMFLXFirst Trust Flexible Municipal High Income ETFScore 42
Rank 18DFMNYFirst Trust New York Municipal High Income ETFScore 37

Our read on each fund

ETF.net Research

HYDAVanEck High Yield Muni ETF

MFLXCFirst Trust Flexible Municipal High Income ETF

In short

HYD Junk munis with a seatbelt: HYD's index mixes lower-rated and unrated bonds with a slice of investment-grade credit, spread across roughly 1,900 tax-exempt issues. Trading since 2009, priced under the category median.

MFLX Launched 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

HYD The fund seeks to track the performance of a broad index of U.S. dollar-denominated, high-yield, long-term tax-exempt municipal bonds.

MFLX 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

HYD The "crossover" build is the whole idea: lower-rated and unrated munis blended with an investment-grade allocation meant to firm up credit quality and tradability.vaneck.com vaneck.com 2
Costs 0.32% a year, below the high-yield muni median of 0.40% and under index rival HYMB at 0.35%.
Roughly 1,900 bonds, paid out monthly, so no single troubled issuer drives the whole distribution.
Open since 2009 and one of the stronger index implementations in the high-yield muni group.vaneck.com

MFLX 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

HYD High yield means what it says: lower-rated and unrated municipal credit, where defaults and price swings bite harder than in investment-grade munis.vaneck.com
A long-term muni portfolio, so interest-rate moves move the price. The tax-exempt income counts for most in a taxable account.vaneck.com
Munis trade over the counter, not on an exchange, so spreads on the fund can widen when the bond market gets jumpy.vaneck.com

MFLX 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.

Full HYD profile⁠

Full MFLX profile⁠

HYD vs MFLX Holdings

How HYD and MFLX differ

Overlap by weight

0.0%

Level by level

Holdings0 in both0.0%
Countryby domicile93.9%
Sector2 Sectors98.6%

Sector

Sector weights in HYD and MFLX, widest gap first
Sector	More in HYDMore in MFLX	Gap	HYD	MFLX
Municipal		MFLX +1.4 points	98.6%	100.0%
Corporate		HYD +1.4 points	1.4%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in HYD and MFLX, widest gap first
Country	Gap	HYD	MFLX
United States	MFLX +6.1 points	92.7%	98.8%
Puerto Rico	HYD +5.8 points	7.0%	1.2%
Philippines	HYD +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

HYD9.4%
MFLX19.5%

Securities held

HYD591
MFLX76

Asset class

HYD: Multi-Asset
MFLX: Bonds

Holdings

Only in HYD591
In both0
Only in MFLX76

Only in HYD

591 securities, 97.8% of HYD by weight

New York Transportation Development Cor4.96%
Chicago Board Of Education4.87%
Puerto Rico Sales Tax Financing Corp Sa3.91%
Public Finance Authority3.41%
City Of Houston Tx Airport System Reven2.26%
California Municipal Finance Authority2.10%
Florida Development Finance Corp1.92%
California Statewide Communities Develo1.66%
Commonwealth Of Puerto Rico1.58%
Black Belt Energy Gas District1.30%
Massachusetts Development Finance Agenc1.25%
Colorado Health Facilities Authority1.17%
California Community Choice Financing A1.11%
Tobacco Settlement Financing Corp1.07%
Metropolitan Pier & Exposition Authorit1.07%
New Hampshire Business Finance Authorit0.98%
Pennsylvania Economic Development Finan0.98%
Arizona Industrial Development Authorit0.89%
Build Nyc Resource Corp0.88%
Cscda Community Improvement Authority0.86%
Virginia Small Business Financing Autho0.86%
New York Liberty Development Corp0.85%
Metropolitan Washington Airports Author0.84%
North Carolina Medical Care Commission0.77%
Washington State Housing Finance Commis0.77%
Arkansas Development Finance Authority0.76%
Oklahoma Development Finance Authority0.73%
New York State Dormitory Authority0.72%
New Jersey Transportation Trust Fund Au0.72%
Kentucky Public Energy Authority0.70%
California Health Facilities Financing0.68%
Iowa Finance Authority0.67%
New Hope Cultural Education Facilities0.65%
Illinois Finance Authority0.64%
Maryland Health & Higher Educational Fa0.62%
Southeast Energy Authority A Cooperativ0.62%
City Of Chicago Il0.59%
State Of Illinois0.58%
Texas Private Activity Bond Surface Tra0.56%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.55%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.51%
South Carolina Jobs-Economic Developmen0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.47%
Connecticut State Health & Educational0.46%
Baldwin County Industrial Development A0.43%
Allentown Neighborhood Improvement Zone0.42%
Buckeye Tobacco Settlement Financing Au0.41%

Only in MFLX

76 securities, 99.2% of MFLX by weight

COLUMBUS OH REGL ARPT AUTH REV 5.50%, due 01/01/20502.60%
MOBILE AL INDL DEV BRD REVENUE Variable rate, due 09/01/20312.53%
TARRANT CNTY TX CULTURAL EDU FACS FIN CORP 5%, due 09/01/20472.51%
JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/20422.36%
MET GOVT NASHVILLE & DAVIDSON CNTY TN 6%, due 12/01/20511.66%
OMAHA NE ARPT AUTH 5.50%, due 12/15/20511.57%
MAINE ST FIN AUTH SOL WST DISP N/C, 5%, due 08/01/20351.56%
DUTCHESS CNTY NY LOCAL DEV CORP N/C, 5%, due 10/01/20401.56%
INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK 6%, due 03/01/20531.56%
ERIE PA SWR AUTH 5%, due 12/01/20461.55%
COLORADO ST HLTH FACS AUTH REV 5%, due 05/15/20451.55%
MASSACHUSETTS ST DEV FIN AGY REV 5.25%, due 06/01/20601.53%
HAMILTON CNTY OH HLTH CARE REV 5.25%, due 01/01/20451.52%
MONROE CNTY GA DEV AUTH POLL CTRL REV Variable rate, due 04/01/20321.52%
SKAGIT CNTY WA PUBLIC HOSP DIST 1 5.50%, due 12/01/20541.51%
UTAH CITY WEST PUBLIC INFRASTR DIST 1 UT 5.875%, due 12/01/20551.51%
NEW HAMPSHIRE ST BUSINESS FIN AUTH 5.375%, due 04/01/20491.47%
CALIFORNIA ST MUNI FIN AUTH REV 6%, due 01/01/20551.46%
CAPITAL PROJS FIN AUTH FL EDUCTNL FACS 6.50%, due 06/15/20541.38%
POLK CNTY FL UTILITY SYS REVENUE 5.50%, due 10/01/20461.38%
TEXAS ST MUNI GAS ACQUISITION & SPLY CORP IV Variable rate, due 01/01/20541.36%
HOUSTON TX ARPT SYS REVENUE 5.50%, due 07/01/20451.33%
NEW YORK ST DORM AUTH ST PERSONAL INC TAX 5.25%, due 03/15/20471.33%
MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 6.25%, due 01/01/20511.32%
BLACK CREEK FL CDD SPL ASSMNT 5.125%, due 06/15/20321.32%
SAN ANTONIO TX ARPT SYS REVENUE 5.50%, due 07/01/20511.30%
MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH 5.50%, due 07/01/20561.29%
ILLINOIS ST 5.50%, due 03/01/20471.29%
WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT 5.75%, due 09/01/20391.28%
SUFFOLK REGL OFF-TRACK BETTING CORP NY 5.75%, due 12/01/20441.28%
WASHINGTON ST HLTH CARE FACS AUTH 5.50%, due 09/01/20551.28%
MAINE ST FIN AUTH 5.50%, due 07/01/20551.28%
PUBLIC FIN AUTH WI STUDENT HSG 5.25%, due 06/15/20551.27%
PUBLIC FIN AUTH WI TOLL REVENUE 5.75%, due 06/30/20601.27%
JOPLIN MO INDL DEV AUTH SALES TAX REV 5.75%, due 05/01/20531.27%
PUBLIC FIN AUTH WI SPL FAC REV 5.375%, due 06/01/20461.27%
VIRGINIA ST SMALL BUSINESS FIN AUTH 5.50%, due 12/01/20541.27%
ARIZONA ST INDL DEV AUTH EDU REV 4%, due 07/15/20371.27%
RIDGE AT APOPKA CDD FL SPL ASSMNT 5.375%, due 05/01/20421.27%
MAIN STREET NATURAL GAS INC GA Variable rate, due 09/01/20521.27%
LAKEWOOD RANCH FL STEWARDSHIP DIST 6%, due 05/01/20561.26%
IOWA ST FIN AUTH SENIOR LIVING FAC REV 5.50%, due 10/01/20451.26%
WASHINGTON ST HSG FIN COMMISSION 5.50%, due 07/01/20591.26%
FLORIDA DEV FIN CORP HLTHCARE FACS REV 5%, due 08/01/20471.26%
MICHIGAN ST STRATEGIC FUND 5.50%, due 10/01/20531.25%
NORTH CAROLINA ST MED CARE COMMN 5.375%, due 10/01/20451.24%
NEW YORK ST TRANSPRTN DEV CORP 5.25%, due 06/30/20491.24%
PUBLIC FIN AUTH WI STUDENT HSG 5.50%, due 06/01/20551.22%
LOMOND HEIGHTS PUBLIC INFRASTRUCTURE DIST UT 5.625%, due 12/01/20551.22%
PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/20401.22%

Weight gaps

HYD and MFLX share no securities.

All 1,940 HYD holdings⁠All 76 MFLX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HYD vs MFLX Cost

Overpaying MFLX vs HYD

$3,250

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

HYD 0.32%
$6,542
MFLX 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

HYD 0.32%
MFLX 0.49%
Overpaying

Year by year

Year	HYD	MFLX	Overpaying
10	$580	$883	$303
20	$2,250	$3,394	$1,144
30	$6,542	$9,792	$3,250

Expense ratio

0.32%HYD, cheaper
0.49%MFLX

HYD0.32%MFLX0.49%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

HYD 2nd cheapest of 18 funds

MFLX 13th cheapest of 18 funds

HYD vs MFLX Dividends

Last 12 months to Nov 9, 2026

Yield (12M): HYD 4.45%, better; MFLX 4.35%
Payout (12M): HYD $2.20; MFLX $0.72
Last payment: HYD $0.18; MFLX $0.06
Ex-dividend: HYD Nov 2, 2026; MFLX Oct 21, 2026
Paid on: HYD Nov 5, 2026; MFLX Oct 30, 2026
Frequency: HYD Monthly; MFLX Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYDMonthly · 46 paymentsAll HYD payments⁠

MFLXMonthly · 46 paymentsAll MFLX payments⁠

HYD vs MFLX Risk

Fall from peak · 5 years

HYD
MFLX

Risk facts

VolatilityStd dev, 3 years: HYD 6.6%, betterMFLX 7.2%
Return per unit of riskSharpe ratio, 3 years: HYD 0.20MFLX 0.21, better
Worst fallMax drawdown, 5 years: HYD −20.2%, betterMFLX −25.1%
Market sensitivityBeta, 5 years: HYD 1.02MFLX 1.14; Market = 1

HYD and MFLX in the news

All news⁠

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026HYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026HYD

Popular comparisons

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HYD vs MFLX

In short

Stated mandate

Why people hold it

Worth knowing

How HYD and MFLX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in MFLX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

GMO's ETF share class costs more than the fund's $35 million Class III shares

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How HYD and MFLX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in MFLX

Weight gaps