First Trust Flexible Municipal High Income ETF
MCEF
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- First Trust Flexible Municipal High Income ETF (MCEF) is an actively managed exchange-traded fund that seeks high current income exempt from federal income tax by investing primarily in a diversified portfolio of municipal securities, including high yield bonds, notes, and variable rate demand obligations. The fund offers exposure to investment-grade and below-investment-grade municipal debt issued by states, territories, and political subdivisions; revenue bonds backed by essential services such as utilities, hospitals, and transportation infrastructure; and pre-refunded or escrowed municipal obligations. It employs a flexible strategy that may include derivatives like interest rate swaps and U.S. Treasury securities for hedging or enhancing yield, targeting retail and institutional investors seeking tax-efficient income with moderate duration risk. Headquartered in Wheaton, Illinois, the ETF was launched in 2016 by First Trust Advisors LP, a subsidiary of First Trust Portfolios LP, and operates primarily in the U.S. fixed income market with a focus on the municipal bond segment. Geographic operations center on U.S. domestic issuers, spanning sectors like general obligation bonds, toll roads, water and sewer systems, and education financing. The fund serves tax-sensitive investors, including high-net-worth individuals and financial advisors, through listings on the Nasdaq exchange. In recent developments, MCEF underwent a strategic portfolio repositioning in late 2024 to increase allocation to higher-yielding, shorter-duration municipal securities amid rising interest rates, enhancing its total return potential. First Trust announced enhancements to the fund's active management approach in early 2025, incorporating ESG screening options for sustainable municipal investments without compromising yield targets. No major acquisitions, partnerships, or name changes have been reported in the last two years, maintaining its focus on flexible income generation in a volatile rate environment.