First Trust Flexible Municipal High Income ETF
MFLX
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- First Trust Flexible Municipal High Income ETF (MFLX) is an actively managed exchange-traded fund that seeks to provide current income by investing at least 80% of its net assets in a diversified portfolio of tax-exempt U.S. municipal debt securities of varying maturities and credit qualities, including high yield municipal bonds, revenue bonds, general obligation bonds, and closed-end funds focused on municipals; it may also employ derivatives such as futures contracts and utilize leverage through inverse floaters and other instruments. The fund's holdings encompass municipal securities from issuers across states including Ohio, Alabama, New York, South Carolina, Indiana, Massachusetts, Texas, and others, with top positions in securities like Columbus OH Regional Airport Authority Revenue 5.50% due 01/01/2050 and Jefferson County AL Sewer Revenue 5.25% due 10/01/2042, alongside allocations to municipal closed-end funds such as Nuveen AMT-Free Quality Municipal Income Fund (NEA) and BlackRock MuniYield Quality Fund III (MYI). Launched on September 27, 2016, and listed on Nasdaq, the ETF is domiciled in the United States with assets under management of approximately $16-18 million and a net expense ratio of 0.93%, managed by a team including Ken Fincher, Thomas Byron, Johnathan Wilhelm, and Shawn O'Leary. The fund operates within the municipal bond segment of the fixed income market, targeting investors seeking tax-exempt income from broad municipals exposure across investment-grade and high-yield categories, with geographic focus on U.S. state and local issuers; it is advised by First Trust Advisors L.P., based in Wheaton, Illinois. In recent developments, First Trust Advisors L.P. announced a temporary fee waiver for MFLX in December 2025, reducing the annual unitary management fee by 0.26% to 0.49% pending board approval for a permanent cut, as part of a broader initiative across certain fixed income funds to enhance competitiveness; the ETF also continues monthly distributions, with the latest declaration at $0.0575 per share in November 2025. No major acquisitions, partnerships, or product launches specific to MFLX have been reported in the last 1-2 years.