|
|
|
Investment Objective/Strategy - The First Trust Flexible Municipal High Income ETF (the "Fund") (formerly First Trust Municipal CEF Income Opportunity ETF) seeks to provide current income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes. Municipal debt securities are generally issued by or on behalf of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities. The Fund may invest in a range of municipal securities, including, but not limited to, municipal lease obligations (and certificates of participation in such obligations),municipal general obligation bonds, municipal revenue bonds, municipal notes, municipal cash equivalents, private activity bonds (including without limitation industrial development bonds), and pre-refunded and escrowed to maturity bonds.
There can be no assurance that the Fund's investment objectives will be achieved.
Ticker | MFLX |
Fund Type | Tax-Free Fixed Income |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Bank of New York Mellon Corp |
CUSIP | 33740F508 |
ISIN | US33740F5089 |
Intraday NAV | MFLXIV |
Fiscal Year-End | 08/31 |
Exchange | Nasdaq |
Inception | 9/27/2016 |
Inception Price | $20.05 |
Inception NAV | $20.05 |
Total Expense Ratio* | 0.88% |
* As of 1/2/2024
Closing NAV1 | $17.22 |
Closing Market Price2 | $17.22 |
Bid/Ask Midpoint | $17.17 |
Bid/Ask Discount | 0.29% |
30-Day Median Bid/Ask Spread3 | 0.52% |
Total Net Assets | $15,502,051 |
Outstanding Shares | 900,002 |
Daily Volume | 268 |
Average 30-Day Daily Volume | 2,325 |
Closing Market Price 52-Week High/Low | $17.61 / $15.60 |
Closing NAV 52-Week High/Low | $17.63 / $15.48 |
Number of Holdings (excluding cash) | 71 |
Holding |
Percent |
JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/2044 |
3.17% |
INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK 6%, due 03/01/2053 |
2.13% |
DUTCHESS CNTY NY LOCAL DEV CORP N/C, 5%, due 10/01/2040 |
2.12% |
SKAGIT CNTY WA PUBLIC HOSP DIST 1 5.50%, due 12/01/2054 |
2.07% |
CALIFORNIA ST HLTH FACS FING AUTH 5.25%, due 11/15/2053 |
2.04% |
CHICAGO IL BRD OF EDU N/C, 5%, due 12/01/2030 |
2.04% |
PUB FIN AUTH WI TAX INCREMENT REV 5%, due 06/01/2041 |
2.01% |
NEW HAMPSHIRE ST BUSINESS FIN AUTH 5.375%, due 04/01/2049 |
1.99% |
VERMONT ST ECON DEV AUTH MTGE REV 4%, due 05/01/2037 |
1.89% |
IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REV Variable rate, due 12/01/2050 |
1.86% |
*Â Excluding cash.Â
Holdings are subject to change.
Weighted Average Effective Duration8 | 8.68 Years |
Weighted Average Leverage Effective Duration9 | 8.95 Years |
Weighted Average Option-Adjusted Duration10 | 7.26 Years |
Weighted Average Leverage Option-Adjusted Duration11 | 7.58 Years |
Weighted Average Effective Maturity | 17.73 Years |
This represents the municipal and closed-end fund holdings in the Fund and includes data for third-party closed-end funds held in the Fund which is publicly available from the fund sponsor as of the date stated above. For CEFs, most publicly available data may represent a period different from the "as of date" identified above.
Weighted Average Effective Duration8 | 8.91 Years |
Weighted Average Leverage Effective Duration9 | 8.91 Years |
Weighted Average Option-Adjusted Duration10 | 7.28 Years |
Weighted Average Leverage Option-Adjusted Duration11 | 7.28 Years |
Weighted Average Effective Maturity | 18.47 Years |
This represents the characteristics of the municipal bonds held within the Fund as of the date stated above.
Weighted Average Effective Duration8 | 6.09 Years |
Weighted Average Leverage Effective Duration9 | 9.42 Years |
Weighted Average Option-Adjusted Duration10 | 7.04 Years |
Weighted Average Leverage Option-Adjusted Duration11 | 10.85 Years |
Weighted Average Effective Maturity | 9.46 Years |
This represents the closed-end fund holdings in the Fund and includes data for third-party closed-end funds held in the Fund which is publicly available from the fund sponsor as of the date stated above. For CEFs, most publicly available data may represent a period different from the "as of date" identified above.
|
Percent |
Muni Bonds |
91.77% |
CEF |
8.23% |
State |
Percent |
Florida |
14.13% |
New York |
7.98% |
Texas |
7.31% |
California |
7.23% |
South Carolina |
5.83% |
Alabama |
5.29% |
Indiana |
4.20% |
Washington |
4.17% |
Illinois |
4.01% |
Wisconsin |
3.74% |
This represents the municipal bond holdings in the Fund as of the date stated above.
Credit Quality |
Percent |
CASH |
0.61% |
AAA |
4.43% |
AA |
17.61% |
A |
20.92% |
BBB |
19.87% |
BB |
8.93% |
B |
1.67% |
CCC-D |
0.04% |
N/R |
25.92% |
The ratings above represent the municipal bond and closed-end fund holdings in the Fund and includes data for third-party closed-end funds held in the Fund which is publicly available from the fund sponsor as of the date stated above. For CEFs, most publicly available data may represent a period different from the "as of date" identified above. The ratings for the Municipal Bond portion of the fund reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest rating is used. The ratings for the CEF portion of the Fund are provided by Morningstar. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Credit Quality |
Percent |
CASH |
0.67% |
AAA |
4.27% |
AA |
16.20% |
A |
20.15% |
BBB |
20.46% |
BB |
9.27% |
B |
1.75% |
N/R |
27.23% |
The ratings above represent the ratings of the municipal bonds held within the Fund as of the date stated above. The ratings presented reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, a subsidiary of S&P Global Inc., Moody's Investors Service, Inc., Fitch Ratings, or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and ratings are not equivalent, the highest ratings are used. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Credit Quality |
Percent |
CASH |
0.00% |
AAA |
6.15% |
AA |
33.31% |
A |
29.49% |
BBB |
13.29% |
BB |
5.16% |
B |
0.73% |
CCC-D |
0.50% |
N/R |
11.37% |
The ratings above represent the ratings of the closed-end fund holdings in the Fund and includes data for third-party closed-end funds held in the Fund which is publicly available from the fund sponsor as of the date stated above. For CEFs, most publicly available data may represent a period different from the "as of date" identified above. The ratings for the CEF portion of the Fund are provided by Morningstar. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
|
2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Days Traded at Premium |
99 |
18 |
1 |
1 |
Days Traded at Discount |
151 |
43 |
62 |
63 |
Current | -0.55% |
52-Week Average | -0.52% |
52-Week High | -0.40% |
52-Week Low | -0.65% |
|
Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
MFLX |
10.55% |
-1.36 |
0.83 |
-0.44 |
0.94 |
Bloomberg Municipal Bond Index |
7.51% |
-0.65 |
0.62 |
-0.42 |
0.99 |
Bloomberg Municipal Long Bond (22+) Index |
11.84% |
--- |
1.00 |
-0.33 |
1.00 |
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms
on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure
of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.
Bloomberg Municipal Bond Index - The Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Blended Benchmark - The Benchmark consists of a 50/50 blend of the Bloomberg Municipal High Yield Bond Index, which includes state and local general obligation bonds and revenue bonds and is a measure of the non-investment grade and non-rated USD-denominated tax exempt bond market, and the Bloomberg Municipal Bond Index, which is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The Blended Benchmark returns are calculated by using the monthly returns of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 50/50 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above. Bloomberg Municipal Long Bond (22+) Index - The Index covers the USD-denominated long-term tax exempt bond market and has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
|
|
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
|