First Trust Municipal High Income ETF
FMHI
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- First Trust Municipal High Income ETF (FMHI) is an actively managed exchange-traded fund that seeks high current income exempt from federal income taxes by investing primarily in a portfolio of U.S. municipal bonds, including investment-grade and high-yield securities such as revenue bonds, general obligation bonds, airport bonds, hospital bonds, industrial development bonds, and pollution control revenue bonds; it also holds cash equivalents and asset-backed securities issued by U.S. states, counties, cities, districts, and territories like Puerto Rico. The fund, launched on November 1, 2017 and listed on Nasdaq, maintains a diversified portfolio of approximately 624-654 holdings with top concentrations in issuers such as Mobile County AL Industrial Development Authority bonds, Puerto Rico Sales Tax Financing Corporation bonds, and Chicago IL O'Hare International Airport revenue bonds; it targets broad maturities with a focus on municipal tax-exempt obligations across sectors including transportation, healthcare, education, utilities, and housing. Managed by First Trust Advisors L.P. in Wheaton, Illinois, FMHI operates nationally within the U.S. fixed-income market, serving income-oriented investors seeking tax-advantaged yields, with assets under management exceeding $750 million, a net expense ratio of 0.70%, and monthly distributions, such as the $0.1690 per share declared in December 2025. Recent developments include First Trust Advisors L.P. announcing fee waivers effective January 1, 2026, reducing FMHI's unitary expense cap to 0.49% and acquired fund fees to 0.21% to enhance competitiveness amid market conditions; ongoing monthly distributions continued through 2025, supporting investor income needs; and portfolio adjustments reflected in semi-annual reports ending January 31, 2025, alongside trustee appointments in prior years to bolster governance.