First Trust New York Municipal High Income ETF
FMNY
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- First Trust New York High Income Municipal ETF (FMNY) is an exchange-traded fund that seeks high current income exempt from federal and New York state income taxes for New York residents by investing primarily in a diversified portfolio of high-yield municipal securities issued by the State of New York and its political subdivisions, agencies, and instrumentalities. The fund's holdings include investment-grade and below-investment-grade municipal bonds, notes, and other debt obligations; variable rate demand obligations; auction rate securities; and derivative instruments such as interest rate swaps and options used for hedging and duration management. Managed by First Trust Advisors LP, FMNY operates within the municipal bond sector targeting tax-sensitive individual and institutional investors in the fixed income market, with a focus on New York-specific tax advantages. First Trust Advisors LP, headquartered in Wheaton, Illinois, and founded in 1991 as part of First Trust Portfolios LP, serves as the investment adviser, overseeing approximately 200 ETFs and other investment products with a geographic emphasis on U.S. municipal markets but no international operations beyond domestic securities. The fund employs an active management strategy emphasizing high-yield opportunities while maintaining portfolio credit quality through rigorous security selection and sector allocation across revenue bonds (such as toll roads, hospitals, and utilities), general obligation bonds, and pre-refunded securities. FMNY trades on the NYSE Arca exchange under the ticker FMNY, with assets under management reflecting investor demand for tax-efficient income amid varying interest rate environments. In recent developments as of late 2025, FMNY has undergone a ticker symbol change from its prior designation to better align with First Trust's branding for state-specific high income municipal ETFs, enhancing market visibility and investor recognition. The fund continues to benefit from First Trust's strategic expansions in fixed income ETFs, including increased allocations to high-yield sectors amid municipal market volatility, without notable acquisitions, partnerships, or product launches specific to FMNY in the last 1-2 years. These adjustments support ongoing portfolio optimization for yield enhancement and tax efficiency.